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Euro Shrugs Off GDP Data

Euro Shrugs Off GDP Data

2017-05-03 09:33:00
Oliver Morrison, Analyst
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Talking Points

- Euro-Zone economy grows by 0.5% Q/Q in Q1, beating the previous 0.4%,

- However, the Euro has shrugged off the data.

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

Would you like to know more about trading the financial markets?DailyFX’s trading guideshould be your first stop.

The Euro-Zone recovery is continuing to strengthen, with the economy growing by 0.5% in the first quarter of this year, beating the previous 0.4%, according to new data from Eurostat released Wednesday morning.

Year-on-year, Euro-Zone GDP matched expectations, holding steady at 1.7% in the first quarter. Euro-Zone growth was stronger than the UK, which grew by 0.3% in the first quarter, and the US, which rose by less than 0.2%.

However, the Euro has shrugged off the data, just like it did with encouraging German labor market statistics earlier. Despite the European economy entering a period of stronger growth, its unlikely to result in any change in tack from the European Central Bank’s firmly dovish posture.

What’s more, fears of political instability and debt crises have yet to fully recede. Next up for the Euro is tonight’s televised debate between Emmanuel Macron and Marine Pen, ahead of the final round of the French Presidential election vote on Sunday. Macron looks odds on to become France’s next president – a result that is likely to boost the Euro. Any shift towards Le Pen may therefore weigh somewhat on the single currency.

EURUSD 15-Minute Chart (Intraday May 03)

Euro Shrugs Off GDP Data

Chart by IG

--- Written by Oliver Morrison, Analyst

To contact Oliver, email him at oliver.morrison@ig.com

Follow Oliver on Twitter @OPWMorrison

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