The market takes breath after the long rally. What opportunities do traders have today?
Euro zone Q4 GDP tacks on 0.6%,in line with expectations
In the euro zone gross domestic product managed to grow as anticipated during the fourth quarter, as follows from preliminary official data published on Tuesday.
In its report, Eurostat informed that gross domestic product rallied a seasonally updated 0.6% for the final three months of the previous year. It turned to be in line with consensus estimate.
The third quarter expansion was updated higher to 0.7% versus the previous outcome of 0.6%.
Gross domestic product in the euro zone went up 2.7% in the fourth quarter year-on-year. That’s quite in line with estimates and compared to the 2.8% jump observed in the previous quarter that was updated up from the initial outcome of 2.6% surge.
After the publication of the GDP data, the currency pair EUR/USD remained intact, showing an outcome of 1.2398. At the same time EUR/GBP hit 0.8812 versus an earlier reading of 0.8810.
Meanwhile, EU stock markets kept trading lower, with SToxx, DAX, CAC 40 and FTSE 10 losing respectively 0.30%, 0.26%, 0.16% and 0.44%.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.