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Eurozone Q3 GDP underlying data to be less positive – Rabobank

FXStreet (Barcelona) - Research Analysts at Rabobank anticipate the Q3 GDP to be less positive even though the headline growth figure for the Eurozone Q3 GDP looks less bad (the market expects minor growth of 0.1% QoQ).

Key Quotes

“In addition to Q3 GDP growth, final data on eurozone inflation will be released. The initial German October CPI estimate (0.7% YoY) was confirmed yesterday, as were the Italian and Spanish (at 0.2% YoY and -0.2% YoY, respectively). The slight increase in price pressure in France (0.5% YoY, up from 0.4%) should therefore not be sufficient to lead to an upward revision to the estimate for eurozone inflation and it is expected that the initial estimate for October (0.7% YoY) will be confirmed today.”

“Meanwhile, the ECB’s Survey of Professional Forecasters indicated that the ECB-watchers surveyed are seeing long-run inflation slip somewhat. According to the SPF, inflation is expected to come in at 1.8% over the long run, vs. an estimate of 1.9% in last quarter’s survey. Adding the 0.1% chipped off the long-run GDP growth forecast, this provides doves with some new ammunition.”

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