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EMU’s GDP could signal further loss of momentum – Danske Bank

FXStreet (Edinburgh) - Flemming Nielsen, Senior Analyst at Danske Bank, sees the recovery in the euro area slowing its pace.

Key Quotes

“In the euro area GDP figures for Q2 are released and we expect that the recovery has lost a bit of momentum”.

“Yesterday’s industrial production figures showed a decline for a second month in a row and we revised our GDP forecast down to 0.1% q/q from 0.2% q/q”.

“Having said that, retail sales have increased during Q2 suggesting that private consumption continues to increase at a faster pace”.This also reflects that domestic demand in Europe is still doing well”.

“Note that the German, French and Portuguese figures are released ahead of the euro-area aggregate”.

GBP/USD refreshed 4-month low, and may not stop

GBP/USD opened the day at 1.6688, and continued to edge lower posting 4-month low at 1.6669, and trading just above 1.6670 at the moment.
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