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Forex News: Euro Falls As German GDP Slumps To Record

Euro Falls As German GDP Slumps To Record Low

07/30/2020 - 07:02:00 (RTTNews)

(RTTNews) - The euro lost ground against its major opponents in the European session on Thursday, after a data showed that German economy contracted to a record low in the second quarter due to coronavirus restrictions to contain outbreak.

Data from Destatis showed that gross domestic product fell 10.1 percent sequentially after shrinking 2 percent in the first quarter. This was the largest decline since the records began in 1970. Economists had forecast a decrease of 9 percent.

There was a massive slump in exports and imports of goods and services as well as for household final consumption expenditure and capital formation in machinery and equipment.

Meanwhile, data from Federal Employment Agency showed that German unemployment decreased by 18,000 in July, confounding expectations for an increase of 43,000.

The jobless rate remained at 6.4 percent versus the expected rate of 6.5 percent.

A slew of weak earnings updates and ongoing stalemate between the White House and Congress over new stimulus measures dragged down European shares.

The euro edged down to 0.9036 against the pound, after rising to 0.9079 at 2:45 am ET. The euro may face support around the 0.88 region, if it weakens again.

The European currency depreciated to a 3-day low of 1.0734 against the franc, from a high of 1.0761 seen at 5:00 pm ET. The euro is seen challenging support around the 1.06 mark.

Reversing from an early high of 1.1793 against the greenback and a 2-day high of 123.86 against the yen, the euro fell to 1.1731 and 123.34, respectively. Next near term support for the euro is seen around 1.12 against the greenback and 119.5 against the yen.

In contrast, the euro rose to near a 2-month high of 1.7756 against the kiwi, 3-day highs of 1.5769 against the loonie and 1.6484 against the aussie, from yesterday's closing values of 1.7678, 1.5724 and 1.6404, respectively. The euro is poised to find resistance around 1.80 against the kiwi, 1.60 against the loonie and 1.66 against the aussie.

Looking ahead, at 8:00 am ET, German flash consumer inflation for July is due.

U.S. GDP data for the second quarter and weekly jobless claims for the week ended July 25 will be featured in the New York session.

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