The EUR/USD pair gathers strength to near 1.1175 during the early European trading hours on Monday. The Euro (EUR) edges higher against the US Dollar (USD) as the Eurozone and German Gross Domestic Product (GDP) data beat forecasts in the third quarter (Q3). Traders await Germany’s Retail Sales and US ISM Manufacturing Purchasing Managers Index (PMI) reports later on Monday. Data on Friday showed that the Eurozone economy grew more than expected in Q3, indicating resilience despite the impact of the Middle East war and surging energy costs. The Eurozone GDP expanded by 0.4% QoQ in Q3, versus a 0.6% growth seen in Q2, stronger than the 0.2% expected. Meanwhile, the German economy grew by 0.2% QoQ in Q3, compared to a rise of 0.3% in Q2.
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