Weak GDP Data From Europe Causes Concern
Binary Options Strategy | May 15, 2013 06:42AM ET
The EUR carries on dropping through the Asian session close to its 5 week low following some weak data to come out of both France and Germany. German GDP figure moved up 0.1 per cent, although below investor expectations for Q1 of 0.3 per cent, still well above the last quarter’s 0.7 per cent drop. In France the GDP dropped 0.2 per cent which is below the expected 0.1 per cent drop following a 0.2 per cent drop in the previous quarter. Eurozone GDP preliminary data dropped 0.2 per cent in Q1.
While the GBP moves up against the USD today following some good employment data released from the UK and investor fears about the US Fed perhaps exiting prematurely from the monthly bond buying program. Investors remain cautious ahead of some economic data releases from the US later in the day.
Stocks
In Europe this morning the stocks were mostly down following the German and French releases. The EUR/USD was down 0.15 per cent on negative data from the Eurozone. The pair touched 1.2900. The GBP climbed against the greenback by 0.19 per cent to 1.5240. The Yen continued to weaken against the dollar overnight, hitting 102.61 a 0.08 per cent addition. The AUD declined against the USD following soft data from Australia. The pair hit 0.9884.
Commodities
Gold moved up overnight even with the USD gains, usually gold and USD inversely track each other as both are considered safe havens when the other is performing weakly. Gold was up 0.06 per cent to $1.425.35 troy oz.
Natural gas continues to gain from weather reports with the commodity jumping up 1.85 per cent to $3.999 BTMUs.
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