German Preliminary GDP contracts 0.1% QoQ in Q2 vs. 0.1% growth expected
Source Fxstreet
- German GDP falls 0.1% QoQ in Q2 vs. 0.1% forecast.
- Annual German GDP contracts 0.1% in Q2 vs. 0% estimates.
- EUR/USD shrugs off the downbeat German Q2 GDP report.
The German economy contracted by 0.1% over the quarter in the second quarter of 2024 after growing 0.2% in the first quarter, the preliminary data published by Destatis showed on Tuesday. The data missed the expected 0.1% increase.
Meanwhile, the annual GDP rate declined by 0.1% in Q2, compared with a 0.2% contraction in Q1 and the 0% forecast.
EUR/USD reaction to the German GDP data
EUR/USD ignores the German GDP contraction, adding 0.04% on the day to trade at 1.0825, at the time of writing. The pair awaits the Eurozone Preliminary GDP and Germany’s inflation data for a fresh directional impetus.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Markets are heading into what traders are calling a “super week” for macro data.
Bitcoin (BTC) price drops below $113,000 at press time on Tuesday, undermining the 4% gains from Sunday.
With the US government shutdown causing key data releases to be postponed, Powell's comments could influence the US Dollar's valuation in the near term.
Related Instrument
