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30.04.2021 20:24

European session review: EUR depreciates after data show Eurozone's economy falls into double-dip recession in Q1

TimeCountryEventPeriodPrevious valueForecastActual
06:30SwitzerlandRetail Sales (MoM)March-5.3% 22.1%
06:30SwitzerlandRetail Sales Y/YMarch-6.6% 22.6%
06:45FranceCPI, m/mApril0.6%0.2%0.2%
06:45FranceCPI, y/yApril1.1%1.3%1.3%
07:00SwitzerlandKOF Leading IndicatorApril118119.5134
08:00GermanyGDP (QoQ)Quarter I0.5%-1.5%-1.7%
08:00GermanyGDP (YoY)Quarter I-3.3%-3.2%-3%
08:00SwitzerlandSNB Chairman Jordan Speaks    
09:00EurozoneHarmonized CPIApril0.9% 0.6%
09:00EurozoneUnemployment Rate March8.2%8.3%8.1%
09:00EurozoneHarmonized CPI ex EFAT, Y/YApril0.9%0.8%0.8%
09:00EurozoneHarmonized CPI, Y/YApril1.3%1.6%1.6%
09:00EurozoneGDP (YoY)Quarter I-4.9%-2%-1.8%
09:00EurozoneGDP (QoQ)Quarter I-0.7%-0.8%-0.6%

EUR eased against most of its major rivals in the European session on Friday, undermined by data, which showed that the Eurozone fell into a double-dip recession in Q1, as tougher restrictions were imposed to battle the third wave of Covid-19.

Eurostat reported that its preliminary estimate revealed that Eurozone's gross domestic product (GDP) shrank 0.6% q-o-q and 1.8% y-o-y in the first three months of this year, putting the region in a second technical recession in 12 months. Economists had expected declines of 0.8% q-o-q and 2.0% y-o-y. 

Meanwhile, another report from Eurostat showed that the jobless rate in the Eurozone fell unexpectedly to 8.1 percent in March from 8.2 percent in February. Economists had expected the rate to increase to 8.3 percent. The number of unemployed decreased by 209,000 from the previous month to 13.166 million in March.

Market participants also received flash consumer price data for the Eurozone, which showed that inflation in the euro area accelerated in April. Eurozone consumer price inflation rose to 1.6% y-o-y in April, the highest level since April 2019. Economists had expected the consumer price index (CPI) to rise 1.6% y-o-y, following a 1.3% y-o-y gain in March.


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Forex is open 24 hours a day, 5 days a week (except national holidays), and it can be broken up to the following four regional markets: Australia and Oceania, Asia, Europe, and America. A Forex trading session opens at 23:00 GMT on Sunday in Japan and closes at 22:00 GMT on Friday in the USA.

 
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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