EUR flows: Eurozone GDP stronger than expected

Eurozone GDP has come in on the strong side of consensus at 0.4% q/q. The underlying data is less encouraging than the headline suggests. French numbers were dependent on a big inventory build, and the German rise of 0.2% was still a decline on a per capita basis. Nevertheless, the better headline number should provide the EUR with some modest support ahead of the US data later today. The French and German CPI data were broadly in line with consensus.