Euro struggles after Fed statement and Spanish data

The euro fell against the dollar on Thursday after releasing economic data from Spain, and a direct impact of the U.S. Federal Reserve (Fed) decision of ending its quantitative easing program yesterday.

The Spanish economy showed weak pace of growth in the third quarter, as Gross Domestic Product (GDP) rose by 0.5% during the third quarter of this year compared to a rise of 0.6% during the second quarter.

Generally, growth has accelerated to 1.6% compared to the previous reading of 1.3%.

The euro continues to suffer from the dollar pressures, which recovered after the Fed’s statement to end its stimulus plans supporting the U.S. economy.

The euro will remain to the downside ahead of the euro zone confidence data for October, but is likely to remain in a bearish trend if the data came positive, as the dollar will keep it from rising.

The U.S. dollar applied pressure today by gaining 0.35% to trade at 08:35 GMT around 86.35 levels.