Spanish GDP has just been revealed to have grown well ahead of expectations, with 0.2% growth in the last quarter of 2022 contributing to year-on-year growth of 2.7%. Less positively, consumer confidence has slipped in France.
Nevertheless, the euro strengthened a little against sterling this morning, tracking slightly higher than the start of the week, and against the US dollar too.
Next week will get off to a lively start with a blizzard of essential data in the build up to the ECB’s interest rate decision on Thursday, and we can expect market movement.
It starts on Monday with a flash reading for GDP in Germany and then other big European economies as the week progresses. The forecast is for zero or negative economic growth in all of Europe’s major economies in the last quarter of 2022, although Spanish data today has already started debunking that, and more deviation from expectations could move the market. There will also be inflation in Spain and economic sentiment across the eurozone. It will all be very interesting.
EUR/USD past year
