FOREX TradingCharts.com

Forex News: Euro Rises As German Economy Expands Unexpectedly

Euro Rises As German Economy Expands Unexpectedly

10/30/2024 - 06:55:00 (RTTNews)

(RTTNews) - The euro strengthened against other major currencies in the European session on Wednesday, after the German economy expanded unexpected in the third quarter, underpinned by household and government consumption.

The preliminary estimate data from Destatis showed that the gross domestic product grew 0.2 percent from a quarter ago, in contrast to the revised 0.3 percent contraction posted in the second quarter. GDP was expected to fall 0.1 percent.

With the latest growth, the largest euro area economy avoided a technical recession.

On a yearly basis, calendar-adjusted GDP logged an expansion of 0.2 percent, reversing the second quarter's 0.3 percent decline.

Meanwhile, the price-adjusted GDP grew 0.2 percent on year, following a 0.1 percent rise in the prior quarter.

The surprising positive Q3 German GDP data dampened expectations of the European Central Bank's (ECB) larger-than-usual interest rate cut of 50 basis points (bps) in December.

In economic news, a preliminary flash estimate published by Eurostat showed that Eurozone economic growth accelerated in the third quarter. Gross domestic product increased 0.4 percent on a quarterly basis. GDP was expected to log 0.2 percent growth, the same rate as seen in the second quarter.

Year-on-year, economic growth improved to 0.9 percent from 0.6 percent in the second quarter. This was also better than economists' forecast of 0.8 percent.

Meanwhile, traders remain caution ahead of next week's U.S. presidential election and Federal Reserve rate decision.

In the European trading now, the euro rose to a 3-month high of 166.21 against the yen and a 2-day high of 0.8343 against the pound, from early lows of 165.59 and 0.8314, respectively. If the euro extends its uptrend, it is likely to find resistance around 167.00 against the yen and 0.84 against the pound.

Against the U.S. dollar and the Swiss franc, the euro advanced to 9-day highs of 1.0859 and 0.9405 from early lows of 1.0813 and 0.9371, respectively. The euro may test resistance around 1.10 against the greenback and 0.95 against the franc.

Looking ahead, U.S. MBA weekly mortgage approvals data, U.S. GDP data for the third quarter, U.S. core price index for the third quarter, pending home sales data for September and U.S. EIA crude oil data are slated for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Swiss Franc Declines Against Majors (11 hr(s), 59 min(s), 53 sec(s) ago)
(RTTNews) - The Swiss franc dropped against its major counterparts in the New York session on Frid ...Full Story»

Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets (15 hr(s), 56 min(s), 53 sec(s) ago)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday, as ...Full Story»

Euro Falls Against Majors (16 hr(s), 44 min(s), 52 sec(s) ago)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday. ...Full Story»

Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports (17 hr(s), 29 min(s), 53 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story»

Pound Slides Against Majors (19 hr(s), 26 min(s), 52 sec(s) ago)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story»

NZ Dollar Falls Amid RBNZ Rate Cut Prospects (21 hr(s), 14 min(s), 53 sec(s) ago)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story»

NZ Dollar Falls Against Majors (23 hr(s), 02 min(s), 53 sec(s) ago)
(RTTNews) - The New Zealand dollar weakened against other major currencies in the Asian session on ...Full Story»

Canadian Dollar Climbs Against Majors (09 hr(s), 02 min(s), 53 sec(s) ago)
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York sessi ...Full Story»

Search

FOREX NEWS

Swiss Franc Declines Against Majors

11/22/2024 - 11:35 AM (RTTNews)
(RTTNews) - The Swiss franc dropped against its major counterparts in the New York session on Frid ...Full Story>>

Euro Falls As Weak Eurozone PMI Triggers ECB Rate Cut Bets

11/22/2024 - 07:37 AM (RTTNews)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday, as ...Full Story>>

Euro Falls Against Majors

11/22/2024 - 06:49 AM (RTTNews)
(RTTNews) - The euro weakened against other major currencies in the European session on Friday. ...Full Story>>

Pound Slides On Weak U.K. Retail Sales, Flash PMI Reports

11/22/2024 - 06:05 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story>>

Pound Slides Against Majors

11/22/2024 - 04:08 AM (RTTNews)
(RTTNews) - The British pound weakened against other major currencies in the European session on F ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.