Eurozone: All eyes on GDP numbers – Rabobank

Michael Every, Head of Financial Markets Research at Rabobank, suggests that after the disappointing data that is US GDP, or perhaps the disappointing estimate from the BEA, rather, the Eurostat gets a go at estimating Eurozone GDP today.

Key Quotes

“Hopefully, Eurostat, will not disappoint. Early this morning, French GDP numbers were actually quite decent, showing 0.5% QoQ (that’s 2% SAAR – BEA eat your heart out!), all the more because growth was driven by consumption (+1.2%) and investment (+0.9%).

This raises the probability that EZ GDP growth will meet or even outstrip the consensus estimate (+0.4%), which the ECB will likely seize as evidence that its policy is working.

Somewhat of an oddity this time around is that German GDP will only be released on 13 May. We presume Eurostat will have some preliminary data fired over from their colleagues in Wiesbaden.”

Eurozone: Growth pick-up in France - MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that while the real GDP report was a concern in the US yesterday, the GDP data from France this morning was the opposite with the 0.5% Q/Q gain recorded stronger than expected.
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US: Weaker real GDP growth to keep USD weaker - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that in a week when we have had an FOMC statement that only included minor alterations, the dollar remains under downward pressure – the DXY index today has fallen to the lowest level since August of last year.
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