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EUR/USD Little Changed on Limited Impact From Mixed GDP

EUR/USD Little Changed on Limited Impact From Mixed GDP

Oded Shimoni, Junior Currency Analyst

Talking Points:

  • Euro-Zone’s 3Q QoQ GDP expanded 0.3%, below expectations
  • Euro-Zone’s 3Q year-on-year GDP expanded 1.6%, above the prior 1.5%
  • Greece QoQ GDP came at -0.5% versus the -1.0% expected

Macroeconomic events affect currency valuations. Stay updated with major releases on our calendar

The Euro was little changed versus the US Dollar (at the time this report was written) after today’s Euro-Zone’s GDP figures missed estimates. According to preliminary estimates by Eurostat, Euro-Zone’s Gross Domestic Product (GDP) grew a seasonally adjusted 0.3% in the third quarter of 2015, below the 0.4% expected by economists, and down from 0.4% in the previous period. The year-on-year change in GDP was 1.6%, below the expected 1.7%, but above the prior 1.5%.

Greece preliminary GDP weighed on the data as estimates signaled 3Q growth came in at negative -0.5% compared with the previous quarter, versus the -1.0% expected, while the year-on year estimate printed a negative -0.1%, below the +1.3% revised down prior reading, but not as bad as the -0.3% expected.

Speaking at the European Parliament yesterday, ECB president Mario Draghi said the outlook for core inflation “somewhat weakened,” and stated that downside risks from a global slowdown are “clearly visible, thus adding to speculation that the ECB will expand QE in December. DailyFX Currency Strategist Ilya Spivak noted earlier today that even a positive GDP outcome might not have a significant impact on the Euro, as it might not effect near-term monetary policy bets. With Draghi rhetoric still in the background, and on a mixed report, the Euro was little changed versus the US Dollar.

EUR/USD Little Changed on Limited Impact From Mixed GDP

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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