France GDP fell 5.8% in first Quarter
Christophe Chevalier April 30, 2020 8:33 AM
France first Quarter GDP fell 5.8% on year, vs -3.6% expected.
This morning, France's INSEE has released first Quarter GDP at -5.8% on year, much worse than the -3.6% expected. March Consumer Spending fell 17.9% on month, vs -5.8% expected. April inflation rose 0.4% on year, vs +0.2% expected. Later today, the European Central Bank will announce its interest rates decision with a deposit facility rate expected unchanged at -0.5%.
From a technical point of view, EUR/USD is pulling back on a declining trend line in place since March and still stands below its 50-day moving average (in blue). The daily RSI remains within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below Apr. 14 top at 1.0990. The nearest support would be set at horizontal support at Apr. 23 low at 1.0725 and a second one would be set at set at March bottom at 1.0630 in extension.
Source: TradingView, GAIN Capital
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.