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EUR/USD holds steady below 1.0750 ahead of key US data
EUR/USD continues to trade in a relatively tight channel below 1.0750 on Friday as investors refrain from committing to large positions. The US Dollar struggles to find demand ahead of April PCE inflation data, which could influence the market pricing of the next Fed decision.
GBP/USD clings to daily recovery gains near 1.2350
GBP/USD is holding its recovery gains toward 1.2350 after the UK Retail Sales data came in mixed for April. Cable is advancing as the US Dollar is losing ground amid a correction alongside the US Treasury yields. Focus now shifts toward the US PCE inflation data.
The Gross Domestic Product (GDP) in Mexico increased by 1 percent on a quarterly basis in the first quarter of 2020, according to data released by the National Institute of Statistics and Geography (INEGI). This figure is in line with market expectations and comes after a 0.2 percent contraction in the previous quarter.
The 1 percent growth was largely driven by private consumption, which rose 2.3 percent. This was partially offset by a contraction in government consumption, which fell by 0.4 percent on the quarter.
Exports also helped to support growth. Exports of goods and services increased by 2 percent on the quarter, while imports fell by 4.3 percent.
Looking ahead, the economic outlook for Mexico remains uncertain, as much of the country remains closed due to the coronavirus pandemic. It is likely that the full economic impact of the pandemic will not be known until the second and third quarters of 2020.
Overall, the data suggest that the Mexican economy is performing in line with expectations, at least in the short-term. The longer term outlook, however, is dependent on how the country is able to respond to the ongoing health crisis.