Eurozone GDP growth to remain steady at 0.4% q/q in Q1 - TDS

Sandeep Kanihama FXStreet Contributor

The analysis team at TDS is slightly below consensus in looking for Eurozone GDP growth to remain steady at 0.4% q/q in Q1, compared to market expectations for a reading of 0.5%.

Key Quotes

“Markets do have a dovish lean though, with another dozen analysts in line with our forecast but only three forecasts for an above-consensus read. We also get German unemployment data for April today, where markets are looking for unemployment to fall by another -11K, and the unemployment rate to remain unchanged at its all-time low of 5.8%. And lastly, the ECB’s Hansson speaks in Estonia today at noon BST.”

“UK: April’s construction PMI is released. We’re in line with the market expecting the series to soften a touch to 52.0, leaving it well within its recent post-referendum expansion range.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD recovers above 1.1600 as focus shifts to US NFP

EUR/USD recovers ground above 1.1600 in Friday's European trading. The pair's uptick is sponsored by a profit-taking pullback in the US Dollar, as traders reposition ahead of the critical US Nonfarm Payrolls data. Meanwhile, the Middle East conflict and higher oil prices could keep the recovery in check.

GBP/USD rebounds toward 1.3400 in countdown to US NFP

GBP/USD is rebounding toward 1.3400 in the European session on Friday. A modest improvement in risk sentiment and a broad-based US Dollar retreat help the pair recover its weekly losses. The focus now remains on the US NFP data and Middle East headlines for fresh trading incentives.

Gold advances on increased safe-haven demand

Gold price recovers its recent losses from the previous session. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.

Bitcoin, Ethereum and Ripple at risk as US-Iran war extends

Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.