The Euro was bullish against all of its major pairs with the exception of the AUD and JPY. In Europe, the European Commission has reported 2Q GDP at -12.1% (vs -3.6% in 1Q) and June trade balance at 17.1 billion euros surplus (vs 14.5 billion euros surplus expected). France's INSEE has posted final readings of July CPI at +0.8% on year, as expected.
The Australian dollar was higher against all of its major pairs.
Looking at weekly performance, the CAD had the best performance against the USD (+0.64%) and the NZD was under the most pressure (-0.71%).
On a daily chart, the trend remains in play. Price action remains inside a bearish channel. The pair broke key support at the $1.332 area which was resistance back in 2019. The MACD is also trending lower indicating downside momentum. Look for a continuation lower to test Jan lows near $1.2955 unless the pair can make a reversal above the upper declining trend line and the 20-day moving average.
Source: GAIN Capital, TradingView