Marketsforu Market Update


Praet (ECB) about the economic growth

Executive board member and chief economist of the European Central Bank comments an economic outlook for the eurozone:

growth will slow after Q1 2017
slowing growth due to waning FX rate and oil impact
reforms can still improve the short term outlook

Meanwhile, MNI reports say the quarterly ECB numbers are likely to show GDP at 0.5% q/q from Q1 2016 through to Q1 2017, then dropping to 0.4% for the rest of 2017. EURUSD is currently slightly below 1,1200. 

UOB about the EUR/USD

EUR/USD traded sideways albeit at higher range than anticipated, notes UOB Group.
Positive undertone suggests that a move to test 1.1240/45 will not be surprising but a sustained break higher appears unlikely at this stage. A move back below 1.1160 would indicate that a shortterm top is in place
Overall, EUR has to move back below 1.1130 in the next 1 to 2 days before a sustained down-move can be expected.