EUR/USD tests 1.18 after US GDP
|The EURUSD pair was bid on Thursday as investors sold the greenback amid deteriorating US data and Trump's tweets. The euro erased daily losses and shot higher to test the 1.18 level again.
Traders paid attention to the US Q2 GDP, which came out at -32.9% annualized. Wau.
At 32.9%, the second-quarter annualized contraction marked by far the worst plunge ever recorded, based on Bureau of Economic Analysis data spanning back to 1947. Before the pandemic, the worst GDP print on record was in the first quarter of 1958, when GDP fell 10.0% on an annualized basis.
More jitters hit the markets when President Trump fired off a Thursday tweet - suggesting that the 2020 election could be postponed over concerns that mail-in ballots will lead to "the most INACCURATE & FRAUDULENT Election in history," adding "It will be a great embarrassment to the USA. Delay the Election until people can properly, securely, and safely vote???"
Earlier in the day, German GDP contracted by 10.1% Q/Q in the second quarter of 2020, the biggest drop on record, and worse than the 9% expected decline.
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