London (PRWEB UK) 4 December 2013
Every forex trader has their eye on the Euro at the moment as a series of crucial figures and announcements arrive in the build up to ECB monetary policy announcement.
Although the Eurozone has been stable, growth has not been forthcoming. In the build up to today’s release of the GDP figure statements were made by ECB members which suggested rate reductions and more easing were still on the cards.
At 10am the predicted 0.1% growth rate was revealed as forecast, down on the 0.3% in the previous quarter. (IBTimes 4th Dec 2013) What did this mean for traders?
Vantage FX’s Tim Plummer commented:
“This figure was eagerly anticipated as traders and analysts alike wanted to confirm the negative GDP in the Eurozone. When released the figure came in with the previous announcement as well as with what analysts had expected. Given this figure was within expectations the markets did not react and volume remained within normal parameters. This is likely to have impacts that will be felt over the next few trading sessions as recently the Manufacturing sector in the euro area has been falling behind. Traders, therefore, may start to consider whether the euro is overbought at the 1.35 level.”
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