Euro Advances After German GDP Data
22 May 2015 - 6:12PM
RTTF2
The euro rose further against the other major currencies in the
European session on Friday, as sentiment improved following the
release of the German GDP report, which showed that government
spending and consumption rose in the first quarter, increasing
confidence in the economy.
Data from Destatis showed that Germany's gross domestic product
grew 0.3 percent sequentially in the first quarter, slower than the
0.7 percent expansion seen in the fourth quarter.
Private spending rose 0.6 percent after increasing 0.7 percent
and the growth in government spending improved to 0.7 percent from
0.3 percent.
Meanwhile, the quarterly growth in exports slowed to 0.8 percent
from 1 percent and imports climbed 1.5 percent, slower than the 1.9
percent rise a quarter ago.
In other economic news, data from the same agency showed that
the total value of new orders received by the German construction
industry declined in March. Orders in the construction sector fell
a seasonally and working-day-adjusted 2.2 percent month-over-month
in March.
In the first quarter of this year, total new orders climbed 1.6
percent compared with the corresponding period of the previous
year.
Thursday, the euro showed mixed trading against its major
rivals. While the euro rose against the U.S. dollar and the Yen, it
fell against the Pound and the Swiss franc.
In early European session today, the euro rose to a 2-day high
of 1.0426 against the Swiss franc, from yesterday's closing value
of 1.0408. it may test resistance near the 1.06 region.
Moving away from an early near 2-1/2-month low of 0.7089 against
the pound, the euro advanced to 0.7116. The euro is likely to find
resistance around the 0.74 area.
Against the yen, the U.S. dollar and the Canadian dollar, the
euro edged up to 134.86, 1.1163 and 1.3593 from yesterday's closing
quotes of 134.45, 1.1110 and 1.3542, respectively. If the euro
extends its uptrend, it is likely to find resistance around 138.00
against the yen, 1.14 against the greenback and 1.42 against the
loonie.
Against the Australia dollar, the euro edged up to 1.4088 from
yesterday's closing quote of 1.4066. On the upside, the euro may
test resistance near the 1.45 region.
The euro climbed to 1.5115 against the NZ dollar, from an early
8-day low of 1.5041. Continuation of the upward move may lead the
euro to a resistance around the 1.55 mark.
Looking ahead, U.K. public sector finance data for April is due
to be released, shortly.
At 5:45 am ET, Bank of England Deputy Governor Nemat Shafik is
expected to speak at the Association of Corporate Treasures
conference in Manchester.
In the New York session, inflation reports from U.S. and Canada
for April and Canada retail sales data for March are slated for
release.
At 9:30 am ET, European Central Bank President Mario Draghi,
Bank of England Governor Mark Carney and Bank of Japan Governor
Haruhiko Kuroda will participate in a panel discussion at the ECB
Forum on Central Banking titled "Inflation and Unemployment in
Europe," in Portugal.
At 1:00 pm ET, Federal Reserve Chair Janet Yellen will speak
about the U.S. economic outlook at the Greater Providence Chamber
of Commerce Economic Outlook in Rhode Island.
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