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Global macro overview for 13/11/2015

Global macro overview for 13/11/2015:

The flash GDP reading for the eurozone disappoints the investors as the figures are slightly weaker than expected (0.3% q/q; 1.6% y/y versus 0.4% q/q; 1.7% y/y expected). The German and French GDP reports both came in at 0.3%, matching expectations. The trade balance has positively surprised as it rose to 20.1bln vs. 19.4bln. The overall picture of the European economy looks steady, but the growth is still sluggish and slow. Nevertheless, it does not mean ECB President Mario Draghi will hesitate to extend the QE beyond September 2015 at the December meeting.

The EUR/USD pair is trading just below the technical resistance at the level of 1.0808. The support is seen at the level of 1.0751.

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