AFTERNOON MARKET OVERVIEW
Also releases, the UK unemployment rate, which also beat expectations, posting 7.8% down from both expectations and its previous level of a flat-lining at 7.9%.
NZDCHF 0.7974 +0.40%, GBPNZD 1.8528 -0.36%, GBPAUD 1.5400 -0.29%, GBPCAD 1.5511 -0.21%, GBPUSD 1.5214 -0.15%, GBPCHF 1.4776 +0.03% and GBPJPY 156.05 -0.03%.
The UK’s major equity index has also pushed higher following the bullish data. The FTSE 100 is currently trading at 6688.09, +0.03% off its previous close level.
The morning session was awash with major economic announcements, the most notable being the release of lower-than-expected GDP figures from both Germany and France. However, the later release of Italy’s Gross Domestic Product (QoQ) has also come in below expectations, posting -0.5% (market exp. -0.3%), down from its previous level of -0.9%. On a year-on-year basis, Italian GDP posted -1.7% also below expectations of -1.2%.
Eurostat reported that the Flash GDP for the 17-member eurozone fell 0.2% in the first quarter compared to the previous quarter's 0.6%. Analysts had expected GDP to print a decline of 0.1%.
EURNZD 1.5688 -0.35%, EURAUD 1.3039 -0.27%, EURCAD 1.3133 -0.20%, EURUSD 1.2882 -0.14%, EURCHF 1.2511 +0.04% and EURJPY 132.14 -0.01%.
European equities, however, have brushed off bearish data during the morning session as the European Stoxx 600 index pushes higher by +0.42% off its previous close level, currently trading at 306.95. In France, the CAC 40 is also pushing higher, currently trading at 3974.49, up 0.06%, and finally the German DAX index is up 0.1% at 8351.65.
The Swiss franc was lower against the euro on Wednesday morning after the ZEW Economic Expectations index for April dropped sharply.
The franc was 0.12% lower against the single currency at CHF1.2512 while it was 0.33% down at CHF0.9702 against the greenback in morning trading.
Das Zentrum fur Europaische Wirtschaftsforschung (ZEW) reported that its Economic Expectations index for April fell to 2.2 from a 20.0 showing the previous month.
NZDCHF 0.7974 +0.40%, AUDCHF 0.9594 +0.30%, CADCHF 0.9525 +0.25%, CADJPY 100.60 +0.19%, USDCHF 0.9711 +0.18%, EURCHF 1.2511 +0.04%, CHFJPY 105.60 -0.04% and GBPCHF 1.4776 +0.03%.
Heading into the afternoon session, the major economic data releases will be coming from the US in the shape of core Producer Price Index (PPI), which is expected to come in lower than its previous level of 0.2% with expectations for a print of 0.1%.
NZDUSD 0.8210 +0.22%, USDCHF 0.9711 +0.18%, GBPUSD 1.5214 -0.15%, USDJPY 102.57 +0.13%, AUDUSD 0.9878 +0.12% and USDCAD 1.0194 -0.06%.
The major equity indexes in the US are pushing higher ahead of producer data releases as the S&P 500 currently up +1.01% trading at 1650.34, and the Dow Jones Industrial Average trading at 15,215.25, up +0.82%.
Story provided by StockMarketWire.com