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EUR/USD little changed after German GDP

FXstreet.com (Barcelona) - The euro turned to positive after the German GDP expanded in line with expectations during the first quarter, hovering over 1.2935/40.

The economic activity in the first economy of the bloc grew 0.1% QoQ and 0.1% over the last twelve months, vs. forecasts at 0.1% and -1.4%, respectively. Of note, however, was the improvement of the consumer confidence gauged by the Gfk Survey, coming in at 6.5 vs. 6.2 expected and previous.
Next on tap of relevance in the euro calendar will be the German IFO series ahead of a speech by Buba’s J.Weidmann.

At the moment, EUR/USD is up 0.02% at 1.2936 with the next resistance at 1.3011 (MA21d) followed by 1.3030 (high May 14) and finally 1.3051 (high May 10).
On the downside, a breach of 1.2809 (low May 20) would open the door to 1.2796 (low May 17) and then 1.2754 (weekly cloud base).

Flash: European IFO view – TD Securities

Markets are looking for a flat reading on the German IFO for the headline, as well as for current and future expectations.
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Germany: Annual GDP declines 0.2% in Q1

On an annual basis German GDP w.d.a. decreased 0.2% in Q1, following a 0.4% rise registered the previous quarter, according to data released by Destatis. This result is in line with projections.
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