On Friday, August 19th, France published a bit of its economic stats, which clearly contradicts President Hollande’s positive statements made in July. The president said that the worst times for the French economy were gone. Still, the latest figures say the opposite.
June’s production volume is down by 1,4% as opposed to May’s figures. The local motor industry turned out to be the biggest loser during the reporting period. It lost 5,7%. The budget deficit also increased during the reporting period.
The Euro Commission expects the French GDP to decline by 0.1% this year, which means that the economic gap between France and Germany is widening.
The chart below, courtesy of the SRP Department of Masterforex-V Academy, reflects the current state of affairs in the market of EURUSD. The currency pair is currently retracing from the local high set recently. If the pattern structure is maintained, the closest targets of wave C inside the ABC retracement are 1.3304 and 1.3245.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
