EUR/USD has broken back above 1.15 for the first time since mid-June, supported by Eurozone GDP growth that outpaced the US in annualised terms. Commerzbank’s Volkmar Baur notes that Eurozone GDP grew 0.4% quarter-on-quarter, equivalent to 1.6% annualised, faster than the 1.5% US growth which missed consensus. He highlights a very low US savings rate as a potential drag on future US GDP and sees recent inflation data making it easier for the ECB to raise rates in September. Baur cautions that part of the latest EUR/USD move may reverse if BoJ-related flows fade, as a sudden yen appreciation around 4 pm yesterday appeared to be a Bank of Japan intervention with US Treasury assistance.