Euro faces pressure as eurozone growth slows, Currencies Direct says

• The euro faces downside risk as upcoming GDP figures are forecast to show sharply slower third-quarter eurozone growth.
• ECB interest rates remained unchanged; Christine Lagarde’s announcement that she would step down as president in February weighed on euro sentiment.
• US third-quarter GDP expanded 3.4%, supporting the dollar as economic resilience reinforced expectations of a Federal Reserve rate increase in December.
• Sterling edged higher as UK 10-year gilt yields fell to their lowest levels in more than a month.
• The Canadian dollar remained supported by the Bank of Canada’s rate hike, but potentially muted September GDP could weigh on gains.

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