Eurozone Flash GDP EURUSD Impact Analysis


When is the Eurozone flash GDP and how could it affect EURUSD? Click here and review the Eurozone Flash GDP EURUSD Impact Analysis for answers.

14 February, GKFX – The second reading of the Eurozone fourth-quarter GDP figures is due later today at 1000GMT. The consensus amongst traders expects the bloc’s economic growth to remain steady at 0.6% inter-quarter in Q4, while on an annualized basis, is expected to arrive at 2.7% versus 2.6% booked last.

Key Notes

EUR/USD Forecast: trending higher along a bullish channel, EZ GDP and US macro data in focus

European FX Outlook: All eyes on inflation as Money talk in Bundesbank symposium

Eurozone Flash GDP EURUSD Impact Analysis

On a positive surprise, the EUR bulls could regain poise, pushing the EUR/USD pair back above the 1.2400 mark. However, the spot could extend the drop below the 1.2348 support should the data disappoint.

In terms of technicals,

“The Euro has reached 1.2370, as we thought possible yesterday, and the 4-hour charts now look as though we could be in for further gains, which could see 1.2400/10, beyond which could head towards 1.2440/60.

The dailies are still looking heavy though, and a decent US CPI will see a bid tone return to the dollar, allowing a return to 1.2280/00, below which would suggest a move back towards 1.2200/30. Overall, given the mixed nature of the charts look for further choppy trade within the recent range in the 1.2250/1.2450 area,”

Jim Langlands explains.

About Eurozone flash GDP

The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).

Disclaimer

This article Eurozone Flash GDP EURUSD Impact Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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