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"Eurobulls" Ignoring Positive Statistics

Strong Eurozone and German GDP figures couldn’t help the Euro. The “eurobulls” have ignored the positive statistics: the EUR/USD rate returned back to the level it was at when the Asian markets opened.

Preliminary figures for Eurozone GDP in the final quarter of 2014 are 0.3% QOQ, 0.9% YOY (forecasted: 0.2% QOQ, 0.8% YOY, previous: 0.2% QOQ, 0.8% YOY).

Preliminary figures for German GDP in the final quarter of 2014 are 0.7% for the quarter, 1.6% for the year (forecasted: 0.3% QOQ, 1.0% YOY, previous: 0.1 % for the quarter, 1.2% for the year).

Preliminary figures for Italian GDP in the final quarter of 2014 are 0.0% QOQ, -0.3% YOY (forecasted: -0.1% QOQ, -0.4% YOY, previous: -0.1 % QOQ, -0.4% YOY).

Preliminary figures for French GDP in the final quarter of 2014 are 0.1% for the quarter, 0.2% for the year (forecasted: 0.1% QOQ, 0.3% YOY, previous: 0.3 % QOQ, 0.4% YOY).

The Euro/Dollar is trading at 1.1414 against an intraday high of 1.1442 and a low of 1.1403. The British pound has dropped from a maximum of 1.5417 to 1.5385.

At 15:30 EET, the States are publishing a report on import/export prices. At 17:00 EET, preliminary data from the university of Michigan is coming out on February values for the consumer confidence index. By the evening I expect a continuation of the downward Euro and Pound correction. The reduction margin should be in the region of 25-35 points. On Monday the Eurozone is due to announce its verdict on Greece. In any case, the euro will remain under pressure.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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