German Preliminary GDP contracts 0.1% QoQ in Q2 vs. 0.1% growth expected
- 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.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | 0.07% | 0.46% | -0.05% | -0.07% | -0.32% | 0.06% | |
| EUR | 0.01% | 0.08% | 0.50% | -0.02% | -0.07% | -0.30% | 0.08% | |
| GBP | -0.07% | -0.08% | 0.44% | -0.11% | -0.13% | -0.37% | -0.00% | |
| JPY | -0.46% | -0.50% | -0.44% | -0.55% | -0.56% | -0.81% | -0.42% | |
| CAD | 0.05% | 0.02% | 0.11% | 0.55% | -0.02% | -0.27% | 0.10% | |
| AUD | 0.07% | 0.07% | 0.13% | 0.56% | 0.02% | -0.25% | 0.11% | |
| NZD | 0.32% | 0.30% | 0.37% | 0.81% | 0.27% | 0.25% | 0.38% | |
| CHF | -0.06% | -0.08% | 0.00% | 0.42% | -0.10% | -0.11% | -0.38% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
