The Euro gains against the Dollar as US PCE inflation meets forecasts and jobless claims fall, while German consumer confidence edges up.
The EUR/USD pair climbed to near 1.1380 on Thursday, reflecting mild gains as the US Dollar retreated despite robust economic data. US inflation, measured by the PCE Price Index, rose to 4.1% in May, matching expectations, while core PCE increased to 3.4% YoY.
US Initial Jobless Claims dropped to 215K for the week ending June 20, below forecasts and down from a revised 227K. First-quarter US GDP growth was revised higher to 2.1% annualized. In the Eurozone, German consumer confidence improved slightly to -29.2 for July.
Technical analysis shows EUR/USD remains below key moving averages, maintaining a near-term bearish bias.