Euro Struggles to Rally on Upbeat Eurozone Data Amid Turkish Crisis

The  euro today struggled to  rally higher despite the  release of upbeat data from across the  Eurozone such as  the  German GDP report. The  EUR/USD currency pair was largely weighed down by  the  ongoing currency crisis in  Turkey, which has negatively affected the global financial markets.
The  EUR/USD currency pair today traded between a  high of  1.1429 and  a  low of  1.1384 and  was on a downtrend at  the  time of  writing.
The  release of  the  German GDP data by  the  Federal Statistical Office in  the  early European session boosted the  currency pair. The  GDP data came in  at  a  quarterly 0.5% beating the  consensus estimate of  0.4% and  boosting the  euro. However, the  annualized GDP print came in  at  2.3% missing expectations by  0.2%. The  German CPI data also released today boosted the  currency pair by  coming in  at  2.0% thereby, meeting expectations. The  Eurozone industrial production data also beat expectations by  coming in  at  an  annualized 2.5% versus the  expected 2.4%. The  Eurozone GDP data released by  Eurostat also boosted the  pair by  coming in  at  an  annualized 2.2% versus the  expected 2.1%.
The  release of  the  German ZEW survey of  economic expectations also boosted the  pair by  coming in  at  -13.7 versus the  expected -21.3. The  euro was weighed down by  the  Turkish lira crisis even as  President Recep Tayyip Erdogan announced that the  country would boycott US electronics.
The  currency pair’s short-term performance is likely to  be influenced by  geopolitical events and  tomorrow’s macro data from the  US docket.
The  EUR/USD currency pair was trading at  1.1393 as  at  12:45 GMT having dropped from a  high of  1.1429. The  EUR/JPY currency pair was trading at  126.34 having declined from a  high of  126.99.

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