23 Aug 2013
EUR/JPY is trading over 132.00 area after solid German GDP
FXstreet.com (Athens) -The German GDP came much in line with the expectations, ‘boosting’ the demand for the single currency ; EUR/JPY soars across the board
Is the power horse of Euro zone on its way back on solid growth?
The news release earlier today, showed that German exports overcame expectations, as announced at +2.2% on a quarterly basis, versus the lower estimation of +2.0% and the prior gauge of +0.7%. German confidence is not only benefitting from strong domestic economic activity and hopes of a soft and not a hard landing of emerging economies, but also from the latest improvements in the Euro zone. It looks as if new growth hopes for the rest of the Euro zone are stimulating German confidence, which in turn could lead to higher German economic growth and could eventually become growth-supportive for the Euro zone. Obviously, it is far too early to call this the beginning of a virtuous circle but the current positive - at least psychological - interaction between Germany and its Euro zone peers could set off positive knock-on effects.
At the time of writing, EUR/JPY is trading as of 132.20, up 0.26%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 131.75, 131.42, 130.87 and resistance at 132.77, 133.10 and 133.44 respectively
Is the power horse of Euro zone on its way back on solid growth?
The news release earlier today, showed that German exports overcame expectations, as announced at +2.2% on a quarterly basis, versus the lower estimation of +2.0% and the prior gauge of +0.7%. German confidence is not only benefitting from strong domestic economic activity and hopes of a soft and not a hard landing of emerging economies, but also from the latest improvements in the Euro zone. It looks as if new growth hopes for the rest of the Euro zone are stimulating German confidence, which in turn could lead to higher German economic growth and could eventually become growth-supportive for the Euro zone. Obviously, it is far too early to call this the beginning of a virtuous circle but the current positive - at least psychological - interaction between Germany and its Euro zone peers could set off positive knock-on effects.
At the time of writing, EUR/JPY is trading as of 132.20, up 0.26%. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 131.75, 131.42, 130.87 and resistance at 132.77, 133.10 and 133.44 respectively