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Forex News: Euro Mixed After German ZEW Survey, Eurozone GDP

Euro Mixed After German ZEW Survey, Eurozone GDP Data

06/08/2021 - 08:00:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major rivals in the European session on Tuesday, after a slew of reports on German ZEW economic sentiment for June, Eurozone GDP and employment for the first quarter.

Survey data from the ZEW - Leibniz Centre for European Economic Research showed that German economic sentiment weakened unexpectedly in June but financial market experts' assessment of current situation improved sharply.

The ZEW Indicator of Economic Sentiment dropped to 79.8 in June from 84.4 in the previous month. The score was forecast to rise to 86.0.

Meanwhile, assessment of the current economic situation improved significantly in June with the index rising to -9.1 from 40.1 a month ago.

Revised data from Eurostat showed that the euro area economy shrank less than previously estimated in the first quarter.

Gross domestic product fell 0.3 percent sequentially in the first quarter, following a 0.6 percent drop in the fourth quarter. The decline for the first quarter was revised down from -0.6 percent.

Year-on-year, GDP declined 1.3 percent versus a 4.7 percent fall in the previous quarter.

Further, data showed that in the first quarter, 157.6 million people were employed in the euro area. In relation to the COVID-19 pandemic, employment in persons was 3.4 million in the euro area below the level of the fourth quarter of 2019.

Employment decreased 0.3 percent sequentially in the first quarter and by 1.8 percent from the same period of last year.

The European Central Bank's monetary policy decision is due on Thursday, with investors expecting it to keep key rates and stimulus measures unchanged.

The ECB is likely to avoid any mention of tapering its purchases under PEPP as policy makers want to see a sustained recovery from the pandemic.

The euro climbed to a 5-day high of 0.8616 against the pound, compared to Monday's close of 0.8593. The euro is likely to locate resistance around the 0.88 level.

Data from the British Retail Consortium showed that UK retail sales increased notably in May driven by the relaxation of restrictions related to the coronavirus pandemic.

Total sales grew 10 percent year-on-year in May and like-for-like sales climbed 23.7 percent.

The euro gained to 133.36 against the yen from yesterday's closing value of 133.15. The currency may face resistance around the 135 region.

Final data from the Cabinet Office showed that Japan's gross domestic product contracted an annualized 3.9 percent on year in the first quarter of 2021.

That exceeded expectations for a decline of 4.8 percent following the 11.7 percent surge in the three months prior.

The single currency dropped to 1.2164 against the greenback and was steady afterwards. If the euro slides further, 1.20 is likely seen as its next support level.

The euro fell to 1.0913 against the franc, a level unseen since February 23. The currency is seen locating support around the 1.06 region.

Looking ahead, U.S. and Canadian trade data for April will be released in the New York session.

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