It’s a busy day on the Eurozone economic calendar.
Early in the session, the French economy was in the spotlight, with inflation, GDP, and consumer spending in focus.
In the 2nd quarter, the French economy expanded by 1.1%, quarter-on-quarter, after having stalled in the previous quarter. Economists had forecast growth of 0.9%
Consumer spending disappointed, however, with spending falling by 2.2% in July, reversing a 0.3% rise from June. Economists had forecast a 0.5% decline.
French consumer prices rose by 0.6% in August, according to prelim figures, following a 0.1% increase in July.
France’s annual rate of inflation accelerated from 1.2% to 1.9%. Economists had forecast an annual rate of inflation of 1.6%.
Market Impact
Ahead of today’s figures, the EUR had fallen to a pre-stat and current day low $1.17936 before rising to a pre-stat high $1.18314.
In response to today’s stats, the EUR rose to post-stat and current day high $1.18316 before falling to a post-stat low $1.17262.
At the time of writing, the EUR was up by 0.26% to $1.18268.
Next Up
German unemployment and prelim Italian and Eurozone inflation figures for August. Late in the session, U.S consumer confidence will also influence.
