According to Insee, which is the French officer national statistics, the French GDP growth amounted to 0,6% in Q1 2015 relative to the same figures a 12 months before. It should be noted that these are the strongest GDP figures France has shown since 2013, Market Leader reports.
With that said, the actual figures published by Insee exceeded even the braves expectations. In particular, the year-over-year GDP dynamics outperformed the consensus forecast of 0.7% by 0.1%.
At the same time, public spending figures in Q1 2015 reached 0,5% q/q and 1,8% y/y. Consumer spending figures were equal to 0.9% and 1.2% respectively over the sale reporting period.
Meanwhile, the import showed an increase by 2.6% q/q and 7.3% y/y while the export increased by 1.1% q/q and 1.7% y/y.
According to the prediction made by Banque de France, the Frenc GDp is expected to end this year with 1.2% growth. At the same time, the growth rate is expected to accelerate to 1.8% next year. According to the similar prediction made by the European Commission, the growth rates are going to be 1.1% and 1.7% in 2015 and 2016 respectively.
As for the common European currency, the mentioned news seems to have succeeded in backing a Euro recovery. In particular, EURUSD is trading around 1,1164 after completing wave C or a(C) and starting an upward momentum. At this point, the closest major loves of support are located at the bottom of the MF sloping channel and pivot 1,020. If the recovery continues, it is probably going to encounter resistance around 1.1435, which is the local high. This is confirmed by the chart below, courtesy of Masterforex-V Academy.
