Reversed direction last week, trading lower after the ECB’s Monetary Policy Meeting Minutes showed policymakers remain concerned over the strength in the Euro, while the FOMC Meeting Minutes indicated members were concerned that inflation would remain below two percent. The week began with the rate trading lower after making its weekly high of 1.1837 on Monday after the United States downplayed the risk of a war with North Korea. The pair extended its losses on Tuesday after German Preliminary GDP increased by +0.6% q/q compared to an expectation of +0.7%. U.S. data had Core Retail Sales increase by +0.5% m/m versus +0.3% anticipated and Retail Sales, which increased by +0.6% m/m versus +0.3% expected. On Wednesday, the rate gained a fraction after the FOMC Meeting Minutes noted that, “Many participants ... saw some likelihood that inflation might remain below 2 percent for longer than they currently expected, and several indicated that the risks to the inflation outlook could be tilted to the downside”. Also on Wednesday was news that ECB President Draghi would not be delivering a speech on ECB monetary policy at the Jackson Hole Symposium, but was instead focusing on the symposium’s theme of fostering a dynamic global economy. Wednesday’s economic numbers had EZ Flash GDP increase by +0.6% q/q as was widely anticipated. Also, U.S. Building Permits dropped to 1.22M compared to 1.25M expected. The rate resumed its selloff on Thursday, making its weekly low of 1.1661 after the ECB Monetary Policy Meeting Minutes noted that, “While it was remarked that the appreciation of the euro to date could be seen in part as reflecting changes in relative fundamentals in the euro area vis-a-vis the rest of the world, concerns were expressed about the risk of the exchange-rate overshooting in the future”. Thursday’s economic data had EZ Final CPI increase by +1.3% y/y as was widely expected. Also, U.S. Initial Jobless Claims declined to 232K compared to an expected 240K, while the Philly Fed Manufacturing Index printed at 18.9 versus an expectation of 18.3. The pair then gained a fraction after continued uncertainty with the Trump administration, Senate Republican Bob Corker called for “radical changes” to take place in the Trump White House. EUR/USD closed at 1.1756, with an overall weekly decline of -0.5%.