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Forex Flash: Norway’s pace of growth is still the envy of most of the rest of the G10 – TD Securities

FXstreet.com (London) - Cristian Maggio, Senior Emerging Markets Strategist, Rates and FX Research at TD Securities has said that Norwegian Mainland Q1 GDP came in at +0.7% Q/Q, following yesterday’s Eurozone figures in missing to the downside as consensus was looking for +0.8% growth.

He continues and explained that the headline GDP figure surprised further to the downside at -0.2% (mkt +0.3%), but he say’s that this number tends to be more volatile, which is why the Norges Bank looks at the Mainland data instead. The feels that the details of the report showed another strong quarter of consumer spending (+1.1% Q/Q) and residential investment (+2.4%), while the main weak spot seemed to be on the investment side. Overall though, he says that Norway’s pace of growth is still the envy of most of the rest of the G10.

Forex: USD/JPY climbs to session highs to test resistance at 102.62/64

The USD/JPY has continued to climb Thursday, allaying some fears – albeit temporarily – of a staunch retracement in spite of the recent rise in exchange. The USD is certainly in focus as well given the possibility of the ending QE3 in the United States. Having jumped to fresh session highs in recent minutes at 102.62/64, the cross is now notching a gain of +0.37% during European trading.
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European equity markets mixed after EMU CPI

The European stock markets are currently a mixed bag Thursday, unable to mount any manner of movement in either direction. Indeed, the biggest action came earlier with the release of economic data in the euro bloc, however since then the markets have opted for a lull. In the EMU, the Consumer Price Index (YoY) has grown +1.2% in April vs. estimates of +1.2%. Moreover, the Consumer Price Index – Core (YoY) has yielded +1.0% in April, matching a projection of +1.0%. Finally, the Consumer Price Index (MoM) fell -0.1% in April, in line with expectations.
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