German Preliminary GDP rises 0.2% QoQ in Q1 vs. 0.1% expected
- German GDP rebounds 0.2% QoQ in Q1 vs. 0.1% estimate.
- Annual German GDP contracts 0.2% in Q1 vs. -0.2% anticipated.
- EUR/USD shrugs off the mixed German Q1 GDP report.
The German economy grew 0.2% over the quarter in the first quarter of 2024 after contracting 0.3% in the last quarter of 2023, according to the preliminary data published by Destatis on Tuesday. The data surpassed the expected 0.1% expansion.
Meanwhile, the annual GDP rate declined by 0.2% in Q1, at the same pace as seen in the fourth quarter of last year while matching the market expectations.
Germany’s Unemployment Rate held steady at 5.9% in April while Unemployment Change stood at 10K, higher than the 7K expected.
EUR/USD reaction to the German GDP data
EUR/USD paid little attention to the German GDP report, losing 0.16% on the day to trade at 1.0702, at the time of writing. The pair awaits the Eurozone Preliminary GDP and 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 weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.13% | 0.17% | 0.20% | 0.53% | 0.37% | 0.57% | 0.26% | |
| EUR | -0.13% | 0.04% | 0.07% | 0.40% | 0.29% | 0.44% | 0.12% | |
| GBP | -0.17% | -0.05% | 0.03% | 0.35% | 0.19% | 0.39% | 0.08% | |
| CAD | -0.20% | -0.07% | -0.03% | 0.32% | 0.15% | 0.37% | 0.05% | |
| AUD | -0.53% | -0.39% | -0.35% | -0.32% | -0.17% | 0.03% | -0.27% | |
| JPY | -0.37% | -0.23% | -0.19% | -0.17% | 0.15% | 0.20% | -0.14% | |
| NZD | -0.55% | -0.44% | -0.43% | -0.37% | -0.05% | -0.20% | -0.31% | |
| CHF | -0.23% | -0.13% | -0.08% | -0.04% | 0.27% | 0.14% | 0.31% |
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 Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (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.
