Global macro overview for 09/09/2015:
The revised seasonally adjusted EU GDP for the second quarter was overall better than expectations. The number was at the level of 0.4% q/q (1.5% y/y) vs. 0.3% q/q (1.2% y/y). The household consumption came out at the level of 0.4% q/q in line with experts' expectations, but lower than last quarter number of 0.5%. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.5% in the EU. The release reveals a decline in EU GDP and weaker growth outlook for the next quarters to come.
The EUR/USD pair was not heavely influenced by this news. The second quarter numbers were better than expected, but not better enough to make the market move impulsively in one direction. On the H4 chart, the current resistance is seen at the level of 1.1228 and support is found at the level of 1.1086.
