The EUR/USD currency pair advanced by 0.2%, reaching 1.0924, as markets awaited the unveiling of second-quarter growth statistics for the Eurozone. Forecasts suggest that the gross domestic product (GDP) for the quarter is anticipated to have risen by 0.3%, signaling a slight improvement from the previous quarter’s stagnant growth.
However, expectations point to a 0.1% decrease in industrial production for June, reflecting a 4.2% year-on-year contraction. These figures underscore the ongoing pressure on the Eurozone’s industrial sector.
In other developments, the USD/CNY currency pair saw a 0.2% rise, reaching 7.2964, after data indicated a decline in Chinese house prices in July. This outcome has intensified concerns surrounding China’s struggling property sector.
The USD/JPY pair experienced a 0.1% decline to 145.38. The yen’s strength was bolstered by robust Japanese growth figures reported on Tuesday. However, the yen’s value still remains in close proximity to its recent nine-month low against the dollar.
The yen’s recent crossing of the 145 level has led to expectations of possible intervention by the Japanese government to stabilize the depreciating currency.
