Eurozone GDP Falls Short, EUR/USD At Bottom Of Support
Dailyfx | May 15, 2014 08:17AM ET
- First-Quarter Eurozone GDP Data Reports Worse-Than-Expected
- Euro Little-Changed Versus US Dollar Following Data Release
- EUR/USD Technical Analysis – Wedge Bottom Marks Support
Eurozone GDP grew at a seasonally annualized of 0.9 percent, and missing estimates calling for a print of 1.1 percent. On a quarterly basis, the Eurozone economy grew 0.2 percent, missing analysts’ expectation of 0.4 percent. Recent news-flow for the Eurozone economy has increasingly disappointed as data from Citigroup reveals that realized results have trailed analysts’ estimates by the largest margin in over 11 months.
Price stability is the primary objective for the ECB and the disappointing rate of output growth may encourage an expansion of stimulus efforts. Stubborn deflation has plagued policy officials that the ECB announced the possibility of intervention in June.
The rate was little-changed following the release and a wedge bottom pattern marks support for EUR/USD.
Daily Chart Prepared by Ilya Spivak using FXCMMarketscope 2.0.
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