The German economy expanded by the faintest of margins in the second quarter of the year, according to official figures released by Destatis. Get your market update from nickcawley1 here:
The German economy expanded by the faintest of margins in the second quarter of the year, according to official figures released by Destatis. Final figures showed the German economy expanded by 0.1% in Q2, compared to forecasts of 0%, while annualized numbers show the economy growing by 1.7%.
Today’s data had little effect on the single currency as traders move to the sidelines ahead of Fed chair Jerome Powell’s speech on Friday at the Jackson Hole symposium. Before Mr. Powell’s speech, traders will get to mull over the second reading of US Q2 growth and the central bank’s preferred inflation reading, Core PCE .
After breaking parity on more than one occasion this week, EUR/USD is likely to enter a holding pattern between 0.9900 and 1.0050 ahead of Friday’s speech by chair Powell. While the outlook for the short-term remains unchanged around current levels, looking further ahead the pair look set to weaken further, especially if chair Powell doubles down on his hawkish stance on Friday.
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