Italian GDP Rises By 0.5% As Expected – EUR Looks Strong

By Yohay Elam of ForexCrunch

Nov 14, 2017 at 7:24 AM EST

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.

EUR/USD consolidates its gains and trades around 1.0710. Resistance awaits at 1.1780 and support at 1.1670.

Italy, the third-largest economy in the euro-zone, was expected to report a growth rate of 0.5% q/q, significantly higher than 0.3% reported in Q2.

EUR/USD was moving up, trading around 1.17 ahead of the release, thanks to the excellent German GDP.

The euro-zone had already published an initial estimate of its growth rate for Q3, but this did not include the largest economy, Germany. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations.

An update on the all-European GDP will be released at 10:00 GMT, alongside the German ZEW economic sentiment and as the ECB president Mario Draghi hosts top-tier central bankers.

(Click on image to enlarge)

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