The euro fell against the dollar on Wednesday by details about the dynamics of GDP in France, Germany and Italy for the I quarter of this year.
By the end of the European session, the euro fell against dollar to 1.2887 from 1.2921, that was seen at the previous close.
Yesterday, the statistical agency Eurostat reported preliminary data that the euro zone economy in the I quarter of this year decreased by 1% in annual terms and by 0.2% - in quarter, though the forecast was for a decline of 0.9% and 0, 1% respectively.
Also, preliminary negative data came out for Germany - Europe's economic leader. Thus, the results of I quarter GDP fell by 0.2% year terms, while experts expected the growth by 0.2%. European analyst of Nordea Markets in Copenhagen, Holger Zandt, believes that the decline investment volume, exports and imports indicates a weak domestic demand.
Also for the I quarter GDP fell in Italy - previously by 2.3% in year terms and 0.5% - in the quarter. Experts expected a decline of 2.2% and 0.4%, respectively.
France's GDP, according to preliminary results,decreased by 0.2% in I quarter has compared with a forecast decline of only 0.1%.
The euro continues to decline and reached 1.2847 against the dollar - explain analysts of department teaching online of trading system Masterforex-V,- breaking through the 1.2860 support and headed to the next support level at 1.2799. Resistances are the MF sloping channel and MF pivot 1.3190.
