EUR/USD Moves Lower Post GDP
The higher than expected GDP was as a result of higher government purchases. The negative were consumption and inventories. The 3rd quarter should see improvement on increased stockpiling but will need to see the consumer come back in and the question is will they show up with depleted balance sheets.
The fact is, it is what the market focuses on which will dominate on the economy. Deficits will continue to be an issue and will employment improve and boost the consumer again.
The EURUSD has declined post the number. The price high overnight reached 1.4153. The 100 hour MA comes in at the 1.4144 level. The midpoint of the move down from the week high to the lows came in at 1.4156. This area will be topside resistance today.
On the downside look for support at the 1.4086 to 1.4093 level (see 5 minute chart above).
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