“Weak economic sentiment has extended into Spring this year” ECB President Mario Draghi said yesterday. The ECB hopes to see the Euro interest rate cut support a possible recovery later this year.
The “Euro area economic activity should stabilize and recover gradually in the second half of the year” – Draghi said.
“We expect the European economy to stabilise in the first half of this year, GDP growth is projected to turn positive in the second half of this year and to gain momentum next year 2014. Annual GDP this year is now forecast to contract by 0.1 percent in the European Union as a whole and by 0.4 percent in the euro area,” said EU Economics Commissioner Olli Rehn (Reuters).
With a very bearish day yesterday, the Euro’s bearish momentum could drop it to 1.297 levels by next week.
The EURUSD could has a volatile Friday today. The U.S. Non-Farms report was excellent at 165k jobs and the U.S. Unemployment Rate dropped to 7.5%.
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