Euro holds gains above 1.1550 following Eurozone GDP and bright Trade Balance data

The Euro (EUR) experienced gains above 1.1550 against the US Dollar (USD) on Friday, following Eurozone GDP and trade balance data. Eurozone GDP growth in the second quarter came in at 0.4%, matching forecasts, while the economy expanded by 1% year-on-year compared to last year's second quarter. The Eurozone Trade Balance in June surprised with a surplus of EUR 8.6 billion, surpassing expectations of a EUR 2.2 billion deficit.

US Dollar losses across the board were driven by curbed hopes of immediate Federal Reserve rate hikes following subdued US inflation data. The economic recovery in Europe was accompanied by a steady rise in employed workers and GDP growth. Meanwhile, the US Dollar is expected to maintain stability heading into the US Retail Sales release, with modest expectations of a 0.1% increase in July.