Photo: Spanish Recession and Euro
According to Instituto Nacional de Estadística (the Spanish statistical office), the eurozone’s 4th economy declined by 0.7& in Q4 2012. The decline has been going on for the last 18 months. However, this is the biggest decline since 2009. These are the first GDP data from Europe this year.
The data for the entire 2012 will be published in February. The Spanish government expects a 1.4% decline in 2012 after 0.4% in 2011. This time, the forecasts are unclear.
The war against the budget deficit that the Spanish government is currently waging is mainly represented by massive layoffs in the country’s public and private sector. The current rate of unemployment is over 26%. Analysts say that eventually Spain will have to ask the EU for financial support.
Forex.
The chart below, courtesy of the SRP Department of , reflects the current state of affairs in the market of EURUSD. The common currency keeps strengthening against the Us Dollar. The closest levels of resistance are 1.3625, 1.3673 and 1.3730.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
