Is there likely to be a shock from the EZ GDP report at 09.00 gmt?

There shouldn’t be given the data already out today but the market may get a jolt up if the figure posts at 0.0% or even +0.1%.

That would show that the eurozone may pull out of recession. Again I would expect any knock on rally to be sold into.

The data has historically been pretty much spot on vs expectations. If we do get another drop then the euro could get hit again but I would expect the tech levels at 1.2882 and 1.2860 to hold.