EUR/USD advances towards 1.1175 in early European trade on Monday, with the Euro (EUR) gaining modestly against the US Dollar (USD). Providing support, third-quarter (Q3) Gross Domestic Product (GDP) figures for both the Eurozone and Germany exceeded forecasts. Attention now turns to Germany’s Retail Sales and the US ISM Manufacturing Purchasing Managers Index (PMI), due later on Monday. Resilience in the face of the Middle East war and sharply higher energy costs was evident in Friday’s stronger-than-forecast Eurozone growth figures. GDP increased by 0.4% QoQ in Q3, outpacing expectations of 0.2%, though slowing from the 0.6% expansion recorded in Q2. Germany also exceeded market expectations, posting Q3 growth of 0.
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