The euro is slowly extending gains on the day
The market may be concerned on the backdrop of a potential trade war, but euro traders are making up their own minds on the day.
The pair touches a high of 1.2444 on the day, the highest since 16 February as the dollar remains on the softer side over concerns from Cohn's resignation earlier in the day.
We had Eurozone Q4 GDP final results earlier in the day, and though they were similar to provisional/preliminary figures, there is a positive to takeaway for euro bulls. The euro has strengthened quite a fair bit against the dollar and other major currencies over the last quarter of 2017, but it appears that it hasn't really dented exports in the Eurozone that much.
But again, it is important to not get too carried away by lagging data points. Recent PMI data from the Eurozone has been trending lower since the December high, and that begs the question whether or not we have reached a peak in terms of growth in the Eurozone at the end of last year.
