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- EUR/USD to quickly slide below 1.09 again on weaker than expected Eurozone GDP – Commerzbank
EUR/USD to quickly slide below 1.09 again on weaker than expected Eurozone GDP – Commerzbank
Economists at Commerzbank analyze EUR outlook ahead of Eurozone Gross Domestic Product (GDP) data.
Backward glance turning into forward glance?
Focus is likely to be on the GDP data in Q2. Even though they provide a backward glance the market is likely to welcome a solid result above market expectations, which would support the Euro. I fear though that a weaker-than-expected result would put more pressure on the EUR than a good one would support it.
Weak economic data might make the market think that the ECB might lower interest rates again even more quickly than so far expected, which would affect the Euro. In that case, the ‘backward glance’ might turn into a forward glance, which means towards a faster fall in interest rates. In that case, EUR/USD would quickly slide below 1.09 again.
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