Market Outlook: Euro Maintains Gains Against the US Dollar

Forex - The euro is maintaining its gains against the dollar on Wednesday following better-than-expected gross domestic product figures from the Eurozone and inflation data from Germany. UniCredit Research analysts noted that other economic data, including Thursday's Eurozone inflation forecast and U.S. PCE inflation—the Fed's preferred measure of price increases—could further boost the euro. Analysts argued that slightly stronger temporary Eurozone inflation data at 1300 GMT and a potential "modest decline" in the U.S. PCE core deflator could help the euro stay above $1.0850. According to FactSet, EUR/USD remains steady at 1.0856, close to Wednesday's nine-day high of $1.0874.