Global macro overview for 14/08/2015:
Not really impressive data from the core EU countries regarding the GDP has been released today. France’s preliminary GDP was lower than the forecast (0.0% q/q; 1.0% y/y vs. 0.2% q/q; 1.1% y/y expected, 0.7% q/q; 0.9% prior) and the German GDP was disappointing as well (0.4% q/q; 1.6% y/y vs. 0.5% q/q; 1.6% y/y expected, 0.3% q/q; 1.1% y/y prior). The same worse-than-expected data was published by the Italian economy ( 0.2% q/q; 0.5% y/y vs. 0.3% q/q; 0.5% y/y expected, 0.3% q/q; 0.1% y/y prior). Another GDP report is scheduled for release later today at 09:00 GMT and this time it is a total print for all the EU countries. Nevertheless, it does not seem that this number will beat any expectations whatsoever.
After the data from the EU is releases, EUR/USD might continue trading in the short-term range and as long as the golden trendline is not broken, this pair can still challenge the 1.1215 resistance level.
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