Preliminary data on GDP and inflation in the eurozone

• Core Consumer Price Index (CPI) (y/y), fact 0.9%, forecast 1.0%.
• Consumer Price Index (CPI) (y/y) (July), fact 1.1%, forecast 1.1%.
• GDP (q/q), fact 0.2%, forecast 0.2%.
• GDP (y/y), fact 1.1%, forecast 1.0%.
• The unemployment rate (June), fact 7.5%, forecast 7.5%.

Preliminary data for the euro area more coincided with market expectations, showing the persistence of unemployment and a moderate growth in GDP. The indicators on consumer prices did not coincide with the forecasts, which slowed down on an annualized basis, after the rapid growth earlier. This actually shifted the overall neutral report towards negative.

Fig. 1. Core consumer price index (CPI) in the euro area (y)

The reticently ambiguous report on the eurozone had multidirectional fluctuations of the euro against its main competitors. It should be noted that the euro remains under the pressure. The EUR/USD pair is trading down, limited to waiting for the US data and the results of the US Federal Reserve meeting. But the euro is likely to remain prone to decline, limited to general sentiment. The EUR/USD pair is limited to attempts of correction and a trading channel from 1.1160-80 to 1.1130-20.

Fig. 2. EUR/USD chart. Current price – 1.1140

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Hanzenko Anton

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