EUR/USD bullish narrative runs counter to growth data - IIF

The narrative that EUR/USD should rally runs counter to any growth data, Robin Brooks, Chief Economist at Institute of International Finance (IIF) tweeted on Wednesday. 

The US economy contracted by 9.5% year-on-year in the second quarter, while the German economy contracted by 11.5%. Meanwhile, France and Spain registered growth rates of -19% and -22.1%, respectively. 

EUR/USD is trading at 1.1810, representing a 0.22% gain on the day. The pair rallied from 1.0775 to 1.1916 in 2.5-months to Aug. 6.