Unemployment in the euro area fell to 10.2%
Eurozone GDP growth in the 1st quarter accelerated to 0.6%, against expected growth of 0.4%. It is worth noting that in the 4th quarter of last year growth was 0.3%. In annual terms, GDP growth was 1.6%, despite the slowdown forecast to 1.5%. At the same time, positive news today were about reduction in the unemployment rate in the Eurozone which was 10.2% in March compared to 10.3% previously. Improving macroeconomic statistics will support the growth of the euro, but its potential is limited and we maintain a medium-term negative outlook and soon the price may fall to 1.1200.
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