Eurozone Preliminary GDP Data

• GDP (q/q), fact 0.2%, forecast 0.4%.
• GDP (y/y), fact 1.7%, forecast 1.9%.

The preliminary report on GDP growth in the eurozone unexpectedly slowed down for the second consecutive month, dropping to the level of early 2017. It is particularly pronounced at an annualized rate of GDP growth in the eurozone.

Fig. 1. Eurozone GDP chart (y/y).

 

The report put pressure on the euro, that remains under pressure from the US dollar despite being oversold, maintaining a two-week downtrend, while limiting to the Friday lows of 1.1330-20.

Fig. 2. EUR/USD chart. The current price is 1.1350.

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Andre Green

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