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.