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Forex: GBP/CHF rallies to 1.4575 on UK GDP Q1

FXstreet.com (Barcelona) - Having peaked at 1.4499 during the Asian session, the cross erased its gains ahead of hard data in the UK. The publication of a surprisingly higher UK GDP Q1 than expected made the GBP/CHF rally to 1.4575 high in a matter of few minutes.

The preliminary release of UK GDP Q1 shows a 0.3% quarterly rise, beating the 0.1% consensus, while the annualized figure rose from 0.2% to 0.6%, beating 0.3% expectations. The UK Index of Services rose from -0.2% to 0.1% but stayed below the 0.2% consensus.

The GBP/CHF is extending its 2-month highs. Above, there’s 1.4600 mark, 1.4867 (December high) and 1.5000 psychological level. On the downside, supports might be found at 1.4537 (February low) and 1.4475 (March low).

UK: Index of Services increases 0.1% in February

The UK Index of Services rose 0.1% in February, after dropping 0.2% in January, National Statistics reported on Thursday. This result is almost in line with consensus of +0.2%.
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German FinMin urges EU countries to continue implementing structural reforms

German Finance Minister Wolfgang Schaeuble said today that it is crucial for the Eurozone countries to continue with their budget consolidation efforts. His comments follow European Commission President José Manuel Barroso’s assertion on Monday that the EU austerity has “reached its limits”.
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