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Euro Bounces with Help from Positive GDP Figures

January 30, 2018 at 14:59 by Vladimir Vyun

Counting 50-euro billsThe euro was down intraday during the Tuesday’s session but bounced later, getting support from positive GDP figure released from the eurozone. Not all European macroeconomic indicators were good, though.

French gross domestic product increased by 0.6% in the fourth quarter of 2017, a bit more than analysts had predicted — 0.5%. Spanish GDP rose by 0.7%, in line with expectations and somewhat slower than the 0.8% rate of growth registered in the third quarter. GDP for the whole eurozone was up 0.6%, the same as in the previous three months and matching expectations.

Other indicators released over the trading session were disappointing. The German Consumer Price Index fell 0.7% in January, exceeding the median forecast of a 0.5% drop. French consumer spending declined by 1.2% in December from November instead of rising 0.4% as analysts had predicted.

EUR/USD gained from 1.2381 to 1.2433 as of 14:54 GMT today. EUR/JPY opened at 134.91, dropped to the daily low of 134.15, but bounced to 134.98 later. EUR/GBP behaved differently, rising from 0.8795 to 0.8832 but retreating to 0.8798 by now.

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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