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Forex: USD/CHF rallies towards 0.9247 won EMU GDP

In reaction to the flash EMU GDP Q4 release, and as the CHF remains quite pegged to the EUR, the USD/CHF is running to the opposite direction of the EUR/USD. The pair had already breached above the 0.9200 mark earlier in the European morning and is now rallying as EMU economic growth came in worse than expected in the preliminary report.

Recession in the Eurozone has gone from -0.6% to -0.9% in Q4 (YoY), instead of the expected -0.7%, according to the preliminary report, pointing also to the quarterly contraction of -0.6% (consensus of -0.4%).

"Near-term tone is slightly aligned towards the upside, following attempts at range tops, however, sustained break above 0.9200 and regain of Fibonacci barrier at 0.9247, is required to confirm bullish resumption and open way for fresh extension towards 0.9300", wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 0.9150 support guarding 0.9100.

EMU: GDP contraction accelerates more than expected in Q4

Preliminary quarterly Eurozone GDP data, released today by Eurostat point to a 0.6% decrease in the fourth quarter of 2012, following a 0.1% decline registered the previous quarter. Market experts projected less contraction of -0.4%.
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Forex: EUR/GBP plunges below 0.8600 on EMU weakness

The EUR/GBP has fallen in a multi-tiered pattern as each successive GDP release across Europe today paints the same disappointing picture. Most recently, on the heels of GDP data in the EMU, the cross plunged and is currently establishing session lows at the 0.8592/93 level at the time of writing.
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