The most important fundamental data for today are revised GDP and retail sales in Eurozone.
Gross Domestic Product measures the value of all the finished goods and services produced within a country's borders. According to the forecast, the indicator will increase by 0.1%, in comparison with the 0.3% in second quarter. Weak growth of GDP is determined by the high unemployment rate, in September it hit highs at 12.2%. Lack of income leads to the spending reduction and lowers GDP volume.
Forecast for Retail Sales looks promising. Monthly indicator will probably rise as well as annual one (up to 0.0% and 0.9% respectively). However high unemployment rate may interfere with the index dynamics and real Sales will be lower than expected.
Regarding fundamental data we expect Euro to weaken today and the pair EUR/USD to go down to the levels of 1.3550 and 1.3530.
Analyst of LiteForex Group of CompaniesPublication source