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Forex: EUR/USD threatens 1.3400 on German GDP

The bloc currency is challenging the key support at 1.3400 on Thursday, after the German economy contracted 0.6% QoQ in the fourth quarter, growing only 0.1% on a yearly basis.. Previous estimates were at -0.5% and +0.2%, respectively.

French Non-farm Payroll is coming next, expected to fell 0.2% in the fourth quarter, followed by the ECB Monthly Report.

At the moment, the cross is losing 0.33% at 1.3408 with the next support at 1.3364 (low Feb.12) and then 1.3325 (low Feb.11).
On the flip side, a breakout of 1.3437 (MA21d) would expose 1.3489 (MA10d) en route to 1.3520 (high Feb.13).

Germany: Quarterly GDP falls 0.6% in Q4

According to preliminary data released by Destatis on Thursday German GDP s.a. fell 0.6% in the fourth quarter of 2012, compared with the 0.2% increase in the previous quarter. Analysts expected slightly less contraction of 0.5%.
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