Data released today showed that Eurozone economy extended its robust growth in the second quarter.
EU GDP maintained strong growth of 0.6% in Q2, which came along with expectations while annualized GDP expanded by 2.3%, beating forecast at 2.2%.
Strong GDP numbers confirm the healthy state of the EU economy and will be good news for the ECB which meets today and is expected to start preparations for reduction of stimulus program, known as Quantitative Easing.
However, low inflation readings which remain well below central bank’s targets and strong Euro are seen as strong obstacles for the ECB.
The EURUSD pair jumped to the session high at 1.1982 after data, with series of higher lows and higher highs in past few sessions confirm strong bullish picture ahead of ECB’s press conference, due at 12:30 GMT.