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14 Nov 2013
Flash: Euro weakens modestly on soft French GDP - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro has weakened modestly following the release today of the weaker than expected French GDP report for Q3.
Key Quotes
“The report revealed that the French economy unexpectedly contracted again by 0.1 in Q3 with investment spending by non-financial companies declining by 0.6% while consumption increased modestly by 0.2%.”
“It follows the release of a report from the OECD warning that the government still needs to take comprehensive steps to reform the economy.”
“The euro was also temporarily undermined yesterday by comments from ECB Executive Board member Praet who stated that “if our mandate is at risk we are going to take all the measures that we think we should take to fulfil that mandate” noting that further policy options include negative deposit rates and utilizing the ECB’s balance sheet to purchase assets.”
Key Quotes
“The report revealed that the French economy unexpectedly contracted again by 0.1 in Q3 with investment spending by non-financial companies declining by 0.6% while consumption increased modestly by 0.2%.”
“It follows the release of a report from the OECD warning that the government still needs to take comprehensive steps to reform the economy.”
“The euro was also temporarily undermined yesterday by comments from ECB Executive Board member Praet who stated that “if our mandate is at risk we are going to take all the measures that we think we should take to fulfil that mandate” noting that further policy options include negative deposit rates and utilizing the ECB’s balance sheet to purchase assets.”