- German Preliminary GDP contracts 0.1% in Q3 vs. -0.3% expected
Market news
German Preliminary GDP contracts 0.1% in Q3 vs. -0.3% expected
- German GDP arrives at -0.1% QoQ in Q3 vs. -0.3% anticpated.
- Annualized German GDP stands at -0.3% in Q3 vs. -0.7% expected.
- EUR/USD catches a bid on upbeat German Q3 GDP figures.
The German economy shrank 0.1% over the quarter in the third quarter of 2023, compared with expectations of a 0.3% contraction and 0% booked in Q2, the preliminary report published by Destatis showed on Monday.
Meanwhile, the GDP rate dropped at an annual pace of 0.3% in Q3 against the previous reading of -0.2% and beat the market consensus of a 0.7% deceleration.
EUR/USD reaction to the German GDP data
EUR/USD catches a minor bid on the encouraging German GDP report, rising 0.2% on the day to trade at 1.0565. The pair erased losses on the data release.
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.02% | 0.01% | -0.05% | -0.32% | -0.07% | -0.32% | 0.05% | |
| EUR | 0.02% | -0.02% | -0.03% | -0.31% | -0.06% | -0.30% | 0.06% | |
| GBP | -0.02% | 0.02% | -0.09% | -0.36% | -0.09% | -0.35% | 0.03% | |
| CAD | 0.08% | 0.08% | 0.06% | -0.28% | -0.03% | -0.28% | 0.09% | |
| AUD | 0.32% | 0.31% | 0.34% | 0.25% | 0.26% | 0.00% | 0.39% | |
| JPY | 0.07% | 0.03% | 0.17% | 0.00% | -0.25% | -0.27% | 0.13% | |
| NZD | 0.33% | 0.31% | 0.34% | 0.28% | 0.01% | 0.25% | 0.37% | |
| CHF | -0.06% | -0.06% | -0.03% | -0.10% | -0.32% | -0.13% | -0.37% |
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).
About German Preliminary GDP
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
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