The key market theme during Thursday was the poor data in Europe, where a sequence of worse-than-expected GDP figures in France, Germany and the Euro zone as a whole, came as a 'shock' for those speculators trying to reverse the growing short-term bearish outlook in the pair. the Euro underperformed across the board, tumbling around a cent.
Shocking, term we use in the first paragraph, is not a word often used in a financial summary, says Greg McKenna, chief investment officer at GlobalFX, "but the data really was horrible" he notes.
Greg adds: "German GDP contracted a worse than expected 0.6% but it was the export engine particularly exports to the rest of the Eurozone that is clearly spluttering. French, Italian and Portugeuse GDP were equally all weaker than expected falling 0.3%, 0.9% and 1.8% respectively. Overall Eurozone GDP fell 0.6% in Q4 2012 and the year on year fall was 0.9% for 2012."Continue Reading ....
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