BREAKING: EUR jumps in spite of miss in German GDP

9:03 AM 30 July 2024

German GDP report for Q2 2024 was released today at 9:00 am BST. Report was expected to show a flat annual growth, following a negative reading for Q1 2024, as well as a small deceleration in quarter-over-quarter pace of growth compared to Q1 2024. However, quarterly growth was expected to remain positive.

Actual report turned out to be a disappointment - quarterly growth came in at negative 0.1% QoQ, while annual seasonally adjusted GDP growth missed expectation and also came in negative. Not seasonally adjusted GDP growth matched expectations of 0.3% YoY growth.

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While the data came in below market expectations, EUR as well as German DAX futures (DE40) moved higher in reponse to the release. This is likely due to the fact that weaker performance of Europe's largest economy could encourage ECB to be more aggressive with rate cuts. Neverthless, scale of market moves was small, with EURUSD moving just around 0.1% higher.

Germany, GDP report for Q2 2024

Annual (not-seasonally adjusted): 0.3% YoY vs 0.3% YoY expected (-0.9% YoY in Q1 2024)
Annual (seasonally adjusted): -0.1% YoY vs 0.0% YoY expected (-0.2% YoY in Q1 2024)
Quarterly: -0.1% QoQ vs 0.1% QoQ expected (0.2% QoQ in Q1 2024)

Source: xStation5

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