Traded sharply higher last week as the Greenback was pressured by further uncertainty with the Trump administration after White House economic advisor Gary Cohn submitted his resignation, while ECB President Draghi omitted talking about ECB monetary policy in his speech at the Jackson Hole Economic Symposium. The pair began the week rallying after making its weekly low of 1.1730 on Monday in the absence of any significant data out of either economy. The rate sold off on Tuesday after German ZEW Economic Sentiment index printed at 10.0, significantly lower than the expectation of 14.8 and a 10-month low on the index. The pair resumed its rally on Wednesday after positive European PMI data: German Flash Manufacturing PMI printed at 59.4 compared to 57.7 anticipated; Eurozone Manufacturing PMI showed a reading of 57.4 versus 56.3 expected, and French Flash Manufacturing PMI, which printed at 55.8 versus an expectation of 54.5. Also on Wednesday, ECB President Draghi took the podium at the Jackson Hole Economic Symposium. In a speech entitled “Sustaining Openness in a Dynamic Global Economy” he stated that, “A turn towards protectionism would pose a serious risk for continued productivity growth and potential growth in the global economy,” and the protectionist risk “is particularly acute in the light of the structural challenges facing advanced economies.” The rate declined a fraction on Thursday despite U.S. Existing Home Sales, which showed an annualized +571K compared to an expectation of +611K. Also, U.S. Initial Jobless Claims showed 234K claims in its latest week versus 237K expected. The pair then made its weekly high of 1.1941 on Friday after German Ifo Business Climate printed at 115.9 versus an expectation of 115.5, while U.S. Core Durable Goods increased by +0.5% m/m versus +0.4% expected; however, Durable Goods Orders declined by -6.8% m/m versus -6.0% anticipated. Also, Fed Chair Janet Yellen delivered a speech at the Jackson Hole Economic Symposium entitled “Financial Stability a Decade after the Onset of the Crisis”, in which she noted that, “The balance of research suggests that the core reforms we have put in place have substantially boosted resilience without unduly limiting credit availability or economic growth.” EUR/USD went on to close at 1.1920, with an overall gain of +1.4% from its previous weekly close.