EUR/USD weaker, drops to 1.0570 on US GDP

The selling pressure around the common currency is now accelerating, dragging EUR/USD to fresh lows in the 1.0570 region.

EUR/USD lower on upbeat US GDP

Spot lost further ground after US advanced GDP figures showed the economy is expected to growth at an annualized 3.2% during the July-September period, surpassing initial estimates for a 3.0% expansion.

Extra results saw inflation tracked by the Personal Consumption Expenditures expected to rise 1.4% during the same period, while Core PCE is seen at 1.7%.

Ahead in the session, USD will remain in centre stage in light of the release of the Conference Board’s Consumer Confidence, the S&P Case-Shiller index and speeches by NY Fed W.Dudley (permanent voter, neutral) and J.Powell (permanent voter, neutral).

EUR/USD levels to watch

The pair is now down 0.38% at 1.0574 facing the initial support at 1.0515 (2016 low Nov.24) followed by 1.0457 (2015 low Mar.16) and then 1.0332 (monthly low January 2003). On the other hand, a break above 1.0685 (high Nov.28) would target 1.0763 (high Nov.16) en route to 1.0826 (high Nov.14).