The euro currency was seen posting strong gains from the start on Friday. The gains came as news outlets reported that the EU summit saw the region’s leaders agreeing to solutions on the European migrant crisis.
The common currency also held its ground as economic data later in the day showed that headline consumer prices increased 2.0% on the year ending June 2018. This was broadly in line with the median estimates. Core CPI which strips the volatile food and energy prices were seen rising at a slightly slower pace of 1.0% on the year ending June. The month before, core CPI increased 1.1%.
Elsewhere, the UK’s GDP data showed a slightly higher revision. Data from the ONS showed that the GDP advanced 0.2% in the three months ending March 2018. This was a higher revision compared to the 0.1% increase that was reported in the previous two initial estimates.
Looking ahead, the economic calendar for the day will see the release of the manufacturing PMI reports from Spain, France and Italy. In the UK, the monthly manufacturing PMI data is expected to dip slightly to 54.1 down from 54.4 from May.
The U.S. trading session will see the release of the ISM’s manufacturing PMI data. Median estimates forecast that manufacturing activity eased to 58.2, down from 58.7 from the month before.
