The United Europes currency gained a new strength on the Forex market today after the German quarterly GDP data was released and the investors got more confidence in the ECBs hawkish stance.
According to a report that was released today at 6:00 GMT the Germanys gross domestic product gained 1.5% in a quarter-to-quarter comparison in the first quarter of 2008 a strongest growth for the GDP indicator since 1996.
This Q1 growth was significantly higher than both Q4 2007 0.3% expansion and the average forecast by the market analysts 0.7%. All GDP growth figures are seasonally and calendar adjusted.
While the GDP gain rate dictates market to bet on a stronger euro, inflation data will be also important. And if the higher consumer price increase will improve euros position, lower values may shift the current stance of the European Central Bank on the interest rates.
EUR/USD rose today 1.5476 to 1.5546 and is trading near 1.5523 as of 8:22 GMT. EUR/GBP also rose today it went up from 0.7949 to 0.7977 and reached its highest value since April 24.
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