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EUR/USD Weekly Forecast – 08 May – 12 May

Friday, May 05 2017
EUR/USD Weekly Forecast – 08 May – 12 May

Events that marked the week:

On Tuesday, from Eurozone,  only Spanish Manufacturing PMI figures. The Spanish manufacturing sector experienced a pick-up in growth momentum during April, with faster rises in output, new orders and employment recorded. There were signs of raw material shortages impacting the sector, leading to longer suppliers’ delivery times, higher backlogs of work and a drop in stocks of purchases. The rate of input cost inflation eased markedly, but output prices rose at a broadly similar pace to March. At 54.5 in April, up from 53.9 in March, the PMI signalled a solid monthly improvement in the health of the manufacturing sector. Business conditions have now strengthened in 41 consecutive months.

Wednesday's session brought Eurozone GDP data. Seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.4% in the EU28 during the first quarter of 2017, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2016, GDP had grown by 0.5% in the euro area and by 0.6% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area and by 1.9% in the EU28 in the first quarter of 2017, after +1.8% and +1.9% in the previous quarter.

 

This week markets will be looking at:

 

German Industrial Production (Tuesday 8:00)

German Prelim GDP (Friday 8:00)

Industrial Production (Friday 11:00)

More in this category: « GBP/USD Weekly Forecast – 08 May – 12 May AUD/USD Weekly Forecast – 15 May – 19 May »

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