Eurozone GDP data - Ester Holdings

Eurozone GDP data

  • GDP (y/y) (Q1), fact 1.2%, forecast 1.2%.
  • GDP (q/q) (Q1), fact 0.4%, forecast 0.4%.

Eurozone GDP data is fully consistent with the forecast, confirming the slowdown in the EU economy. This can be a restrained negative factor for the euro.

Fig. 1. Eurozone GDP (y) (Q1) 

The dynamics of the euro remain restrained, which is connected with the expectation of the ECB meeting results and the press conference of the head of the ECB M. Draghi. In the context of restrained indicators of the EU economy and the general dynamics of world central banks to mitigate monetary policies, there is a high probability that the ECB’s tone will be quite dovish, causing considerable pressure on the single currency.

The EUR/USD pair is limited by market restraint and a trading range from 1.1270 to 1.1180.

Fig. 2. EUR/USD chart. Current price – 1.1230

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