The EUR/USD pair consolidates its gains near 1.1010 after retracing from the fresh seven-month top during the early European session on Thursday.
EUR/USD hovers around 1.1010 in Thursday’s Asian session. Eurozone GDP climbed 0.3% in the three months to June, matching the estimate. US CPI inflation was in line with market consensus. The Eurozone Gross Domestic Product growth figure for the second quarter printed exactly as expected, which lifted the Euro against the Greenback. Data released by Eurostat on Wednesday revealed that the Eurozone economy grew 0.3% QoQ in Q2 compared with the first three months of this year.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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