Home EUR/USD bullish narrative runs counter to growth data – IIF

EUR/USD bullish narrative runs counter to growth data – IIF

Updated: 13 Aug. 2020 | 04:32

The narrative that EUR/USD should rally runs counter to any growth data, Robin Brooks, Chief Economist at Institute of International Finance (IIF) tweeted on Wednesday.

The US economy contracted by 9.5% year-on-year in the second quarter, while the German economy contracted by 11.5%. Meanwhile, France and Spain registered growth rates of -19% and -22.1%, respectively.

EUR/USD is trading at 1.1810, representing a 0.22% gain on the day. The pair rallied from 1.0775 to 1.1916 in 2.5-months to Aug. 6.

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