Preliminary GDP in the euro area

• Germany’s GDP (q/q) (Q4),  fact of 0.0%,  forecast  0.1%.
• Germany’s GDP (y/y) (Q4), fact of 0.9%,  forecast  0.9%.
• GDP (y/y) (Q4), fact 1.2%, forecast 1.2%.
• GDP (q/q) (Q4), fact 0.2%, forecast 0.2%.

Preliminary data on eurozone GDP met market expectations. At the same time, previously published data on Germany’s GDP slowed down, putting pressure on the single currency. Despite the fact that data on eurozone GDP coincided with the forecast, the overall dynamics of this indicator remains disappointing. The eurozone economy, starting from the peak of 2018, continues to slow down at a steady pace, putting pressure on the single currency.

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

The EUR/USD pair has reacted quite restrained to data on eurozone GDP. This pair continues to trade in a downtrend, limited to attempts of correction and oversold. Support levels: 1.1250 and 1.1230, resistance: 1.1290 and 1.1330.

Fig. 2. EUR/USD chart. Current price – 1.1280

Read also: “Financial issues at the beginning of 2018”

Hanzenko Anton

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