The Eurozone economy grew less than expected in the first quarter, flash estimates revealed today.
Seasonally adjusted GDP grew only 0.2% sequentially, the same rate as seen in the fourth quarter, Eurostat reported. Economists had forecast the rate to double to 0.4%.
On a yearly basis, the economy expanded at a faster pace of 0.9% after rising 0.5%. Nonetheless, it was weaker than the consensus forecast for 1.1% growth.
Inflation in Eurozone was confirmed at 0.7% in April, separate data showed. It rose from a 52-month low of 0.5% in March.
Monthly inflation came in at 0.2%.
Inflation held below the
Meanwhile, German economic growth doubled in the first quarter as mild weather boosted demand, while
ECB Vice President
The euro retreated to 139.14 against the yen, from an early high of 139.87. The pair closed yesterday's deals at 139.74. If the euro extends its downtrend, it is likely to find support around the 138.73 area.
Against the pound, the euro fell to 0.8146, from an early multi-day high of 0.8183. The pair ended yesterday's deals at 0.8179. The euro is likely to find support around the 0.80 area.
Against the US and NZ dollars, the euro fell to a mutli-month low of 1.3654 and nearly a 1-year low of 1.5751, from early highs of 1.3724 and 1.5856, respectively. The euro closed yesterday's deals at 1.3714 against the greenback and 1.5823against the kiwi. If the euro extends its downtrend, it is likely to find support around the 1.36 against the greenback and 1.56 against the kiwi.
The euro fell back to 1.4838 against the loonie, from its early multi- month low of 1.4834. This may be compared to an early high of 1.4940. At yesterday's close, the pair was worth 1.4934. The euro may possibly find support around the 1.47 area.
The euro fell back to 1.4566 against the Australian dollar, heading to violate its early multi-month low of 1.4565 to the downside. This may be compared to an early multi-day high of 1.4657. The pair closed yesterday's deals at 1.4625. If the euro extends its downtrend, it is likely to find support around the 1.44 area.
Looking ahead, the US CPI and industrial production for April, weekly jobless claims for the week ended
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