Eurozone area GDP confirms grind upwards

EURUSD, H1                    

Eurozone Q2 GDP confirmed at 0.6% q/q, in line with the preliminary number and up from 0.5% q/q in Q1. The annual rate was revised up to 2.2% y/y. Robust data with growth broadening across sectors, but also countries and the range between quarterly growth rates among the big 4 getting smaller. Looking ahead survey data suggests activity remains strong and job creation continues while investment is picking up with companies remaining optimistic about the outlook, despite slightly lower PMI readings in July. So far then the recovery remains on track, but geo-political risks, a strong EUR and Brexit concerns continue to hang over the Eurozone outlook and keep Draghi and Co reluctant to commit to a full tapering schedule just yet.


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Stuart Cowell

Senior Market Analyst


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