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European markets down on EMU GDP, US futures pressured ahead of US NFP

FXstreet.com (Barcelona) - The German DAX 30 (-1.90%), the French CAC 40 (-1.50%), the Italian FTSE MIB (-0.26%) and the Spanish IBEX 35 (-0.88%) are down on Friday after the release of the first reading for GDP Q1 2013, coming at -0.6%. EMU retail sales contracted by -0.3% in February, more than the -0.2% expected and after a +1.2% rise in the previous month. The annualized figure rebounded from -1.9% (revised from -1.3%) to -1.4%, while market consensus was pointing to -1.8%. German Factory orders came in at +2.3% (MoM) and 0.0% (YoY) from -1.6% and -2.1%, respectively, surprising investors that were expecting +1.2% and -1.5%. The ECB announced LTRO repayments of €8.064bn from 20 banks, with the amount split roughly evenly between the first and second LTROs.

Futures for the American S&P 500, Nasdaq 100 and Dow Jones are signaling a lower opening by -0.50%/-0.60% ahead of the US NFP report. “The positive momentum in US labor market activity should be sustained in March, with the economy adding a further +195K jobs”, wrote TD Securities analysts. “While this will be a slowdown from the robust 236K pace in February, it is in line with the 6m trend”, they continued, adding that growth should be broadly-based, reflecting the improved tone in economic growth performance in Q1. “Notwithstanding this constructive view, and believe the recent initial claims/ADP report suggest downside in the coming months, risks are tilted to the downside reflecting the uncertainty on the impact from sequestration”, they concluded.

Greece: Bailout deal with the Troika might be delayed

The decision on the disbursement of further bailout funds for cash-strapped Greece might be postponed, sources close to the talks said today. Troika inspectors, who arrived in Athens on Thursday in order to discuss the terms of aid, are said to be dissatisfied with the delays in Greek debt restructuring. That is why the deal will probably not be finalized before the Eurogroup meeting on April 12, as initially expected.
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Forex: USD/CAD trading positively at 1.0136/37

The USD/CAD has edged higher during European trading, recovering off it lows of 1.0122 Friday. Having moved into positive territory recently, the pair now is clinging to narrow gains of +0.10% ahead of several economic indicators later this afternoon, whilst settling at 1.0136/37.
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