Daily Alert – Tuesday 31st January 2023: Eurozone GDP surprises to the upside

Mark NugentDaily Alert, Jan 2023

Daily Alert – Tuesday 31st January 2023: Eurozone GDP surprises to the upside

Good evening.

Today has seen a surprise GDP figure in the Euro zone. The market expectation was for a contraction of 0.1 percent. The result came in as an expansion of 0.1 percent. It’s not much of a difference, but it has had a positive psychological impact. The day was saved by Ireland’s stellar 3.4% growth in the fourth quarter, contributing a necessary 0.1% to the Eurozone number, much to everyone’s relief.  

Elsewhere, an analysis by Bloomberg says that Brexit is costing the UK GBP100 billion in output per annum. Feels about right. 

Risk sentiment is currently positive (risk-on). I am in no hurry to trade this week. I’d like to get the three central bank rate-setting announcements out of the way, which will hopefully give us a greater level of clarity on the fundamentals affecting many of the assets we trade. 

It all starts tomorrow with the Fed…

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE