German GDP year on year has beaten the Covid downgrading and recovered by -4.1%, versus the expected -5.2%.
German quarterly GDP has grown to +8.2% versus -9.8% in the prior quarter.
Eurozone GDP is also due out this morning with similar expectations around recovery, hence the positive move in EURGBP strength.
EURUSD remains unchanged, but with a stronger dollar being felt, the market is not far off the September low of 1.1613.
Commerzbank have commented that they see a weaker EURUSD heading into the year-end. Their ECB analysts predict a further deposit rate cut to -0.6%, alongside other measures. As mentioned yesterday, the increase in European Covid cases will likely force the ECB’s hand into providing the relevant financial support for each economy.
Have a great weekend.
Author: Alistair Hutson, Head of Relationship Management
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.