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Euro Awaits Eurozone CPI, French GDP Expands for Third Consecutive Quarter

Euro Awaits Eurozone CPI, French GDP Expands for Third Consecutive Quarter

2014-03-31 07:23:00
David Maycotte,
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Talking Points:

  • Final Revision of Fourth Quarter French GDP In-Line with Flash Estimates
  • EUR/USD is Little-Changed Following Data Release
  • Focus Turns to March’s Preliminary Eurozone CPI Report Due Later Today

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Release

Actual

Expected

Prior

French Gross Domestic Product (4Q F) (QoQ)

0.3%

0.3%

0.0%

French Gross Domestic Product (4Q F) (YoY)

0.8%

0.8%

0.3%

Final fourth-quarter February French GDP figures reported in-line with expectations. France’s economy expanded 0.8 percent in fourth-quarter from a year ago and marks the third consecutive quarter of expansion. The benchmark growth rate reported GDP expanded 0.3 percent following a contraction from the previous quarter. The Euro was little-changed against the US Dollar following the report as traders may await March’s preliminary Eurozone CPI report that headlines the economic calendar in European hours today. Currency Strategist Jamie Saettle, CMT says that technical analysis of the single currency shows 1.3650-1.3700 support zone could inspire a multiday rally towards 1.3865.

This week is a significant week as the Euro’s fate depends on the outcome of the European Central Bank meeting later this week. According to Currency Analyst Chris Vecchio, there is a shift of fundamental momentum as ECB rhetoric and economic data points to a lower euro.

Euro-Awaits-Eurozone-CPI-French-GDP-Expands-for-Third-Consecutive-Quarter_body_Picture_1.png, Euro Awaits Eurozone CPI, French GDP Expands for Third Consecutive Quarter

EUR/USD 1-minute – using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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