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14 Aug 2013
Flash: NA Open, Euro on GDP – TD Securities
FXstreet.com (London) - Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities reflects on the European markets today.
Key Quotes:
“On the whole, European flash GDP prints for Q2 surprised to the upside this morning”.
“In particular, German and French figures exceeded consensus expectations, confirming the lead from the latest improving PMIs”.
“ CEE figures were more uneven, with Slovakian, Czech, and Polish GDP surprisingly positive, while growth in Bulgaria, Romania and Hungary disappointed”.
“In general, there is increasingly more evidence that Eurozone growth is returning, though this will remain subpar for long”.
“On balance, the euro managed to hold up decently in the 1.3260/.3270 range after the dollar gains on strong US retail sales data yesterday”.
“.. the bias seems to be for stronger dollar, with EUR/USD at 1.3240 at the time of writing, and negative EMFX implications. After a busy start, US PPI is the only release on tap for the day”.
Key Quotes:
“On the whole, European flash GDP prints for Q2 surprised to the upside this morning”.
“In particular, German and French figures exceeded consensus expectations, confirming the lead from the latest improving PMIs”.
“ CEE figures were more uneven, with Slovakian, Czech, and Polish GDP surprisingly positive, while growth in Bulgaria, Romania and Hungary disappointed”.
“In general, there is increasingly more evidence that Eurozone growth is returning, though this will remain subpar for long”.
“On balance, the euro managed to hold up decently in the 1.3260/.3270 range after the dollar gains on strong US retail sales data yesterday”.
“.. the bias seems to be for stronger dollar, with EUR/USD at 1.3240 at the time of writing, and negative EMFX implications. After a busy start, US PPI is the only release on tap for the day”.