Europe FX handover – 26th April 2019

A summary of news and snapshot of moves ahead of the US session.

  • NZD was among the strongest while the EUR and GBP were among the weakest currencies, before the USD whipsawed in reaction to US GDP, changing the majors sharply at the time of writing.
  • European markets bounced back, crude oil sold off and gold and silver both remained higher despite the US GDP data being stronger than expected.
  • The US economy expanded at a faster pace of 3.2% q/q on an annualised format vs. 2.2% expected. However, GDP Price Index (AKA GDP deflator) disappointed and investors were quick to realise growth was boosted largely by unsustainable factors such as net trade (which rose by largest in 6 years), inventories and government spending

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