No surprises from the updated version of the euro-zone GDP: 0.5% q/q and 1.7%. This makes sense as there were no surprises from the German and Italian numbers.
The German ZEW Economic Sentiment slightly missed with a smaller than expected rise to 20.6 points. However, the Current Conditions beat predictions with 83.9 points. The trade balance rose to 23.1 billion, more than expected.
EUR/USD is marginally off the highs, stopping at the resistance level of 1.1050 and now trades around 1.1040.
GDP, ZEW background
The euro-zone published an updated version of its GDP, incorporating the most recent German and Italian data. It was expected to remain unchanged at 0.5% q/q and 1.7% y/y.
In addition, the seasonally adjusted trade balance was predicted to tick down from 19.2 billion euros to 18.8 billion for March.
Simultaneously, Germany’s ZEW institute released its business surveys. A small rise from 19.5 to 22.3 was projected. The Current Conditions figure was forecast to advance from 80.1 to 82 points.
EUR/USD on a roll
The world’s most popular currency pair is finally moving. This time, the break above 1.10 is real and the new high is 1.0043. We are at the highest levels in six months, when Trump was elected president. His most recent Russian scandal is one of the drivers behind the fall.
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