German GDP report for Q2 2023 was released today at 9:00 am BST and was expected to show a 0.1% QoQ expansion, following a 0.3% QoQ contraction in Q1 2023. However, actual data turned out to be a disappointment with the German economy stagnating and achieving no growth in Q2 2023 (0.0% QoQ). Growth adjusted for work days was -0.2% QoQ and was slightly higher than -0.3% QoQ expected.
Market reaction to the release was small - DE30 ticked around 10 points lower in a knee-jerk move while EURUSD moved 0.05% higher. Traders will also be offered one more piece of key German data today - CPI reading for July at 1:00 pm BST.
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DE30 saw minimal reaction to German GDP reading. Source: xStation5
