Economic Data from France Sends the EUR Mixed Signals ahead of Eurozone Inflation Numbers

It’s a busy day on the Eurozone economic calendar.

Early in the session, the French economy was in the spotlight, with inflation, GDP, and consumer spending in focus.

In the 2^nd quarter, the French economy expanded by 1.1%, quarter-on-quarter, after having stalled in the previous quarter. Economists had forecast growth of 0.9%

Consumer spending disappointed, however, with spending falling by 2.2% in July, reversing a 0.3% rise from June. Economists had forecast a 0.5% decline.

French consumer prices rose by 0.6% in August, according to prelim figures, following a 0.1% increase in July.

France’s annual rate of inflation accelerated from 1.2% to 1.9%. Economists had forecast an annual rate of inflation of 1.6%.

Market Impact

Ahead of today’s figures, the EUR had fallen to a pre-stat and current day low $1.17936 before rising to a pre-stat high $1.18314.

In response to today’s stats, the EUR rose to post-stat and current day high $1.18316 before falling to a post-stat low $1.17262.

At the time of writing, the EUR was up by 0.26% to $1.18268.

Next Up

German unemployment and prelim Italian and Eurozone inflation figures for August. Late in the session, U.S consumer confidence will also influence.