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Home / Analytics / Forex analysis & forecasts / Forex Fundamental analysis / The Euro is being sold again. Overview for 31.10.2016
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The Euro is being sold again. Overview for 31.10.2016

31.10.2016
The main currency pair is falling on Monday despite rather similar statistics.

The EUR/USD pair is being sold on Monday, and the macro statistics from the Eurozone didn’t provide any resistance for bears. The current quote for the instrument is 1.0950.

The CPI Flash in the Eurozone in October added 0.5% after 0.4% the month before and the Core CPI improved by 0.8%. The components of the report shows that the services prices continue to grow (+1.1%) as well as manufactured products of the non-energy industry.

The inflation was and still is the major problem of the Eurozone. The target of the ECB is 2%, but the indicator has been much lower than the target for many months.

The second important report for today is the Prelim GDP over the third quarter. Calculations from Eurostat indicated that the GDP increased by 0.3% q/q (1.6% y/y) over the period. The economy is growing rather slowly as in the second quarter the indicator was the same, 0.3%. Rate of growth remains as expected and the predictions aren’t getting better, because the employment market and the manufacturing industry can’t serve as a “firm foothold”.

The economy of the European Union, which includes 28 countries, expanded over the third quarter, according to preliminary calculations by 0.4% q/q (+1.8% y/y). These numbers are also quite similar to the second quarter.
 
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