Eurozone GDP Fell By 0.1% - 6.12.2012

Australian dollar has grown stronger this morning due to the good news from Australian labor market. According to the National Statistics Office report, the number of employed people in national economy has grown almost by 14000 and the unemployment level decreased from 5.4% to 5.2% (see the chart). National currency vs US dollar rose from 1.0440 to 1.0480, being approached to November high at 1.0488. Australia, unemployment Also, there are the ECB and BOE meetings ending today. According to forecasts, the interest rates are expected to remain at the same levels – 0.75% and 0.5% correspondingly, but market participants cannot wait to hear the comments concerning possibility of further monetary policy easing. By the second Eurostat estimate, the Eurozone GDP fell by 0.1% (see the chart) in the 3Q, in yearly terms – by 0.6%. Besides it, unemployment level rose in October up to the recordly highest level, 11.7%. At 13:45 CET we will find out how much more difficult economic situation in the region and disappointing forecasts for 2013 have affected the current plans and expectations of the ECB, and the press conference with the head of the Central Bank, Mario Draghi will be held at 14:00 CET. Eurozone, GDP, QoQ The single currency was traded relatively calm vs. US dollar this morning within 1.3040-1.3080. However, it is trading near 7-weeks high at 1.3126 and a strong resistance level at 1.3140. In case the ECB meeting members deem it necessary to report on the possibility of additional support measures, in the short term, the euro could get under pressure.