The German Gross Domestic Product stood at -1.8% during the first quarter of 2021, worsening the -1.7% forecast. This is the first fall after consecutive quarters of increases, since in the third quarter of 2020 it grew by 8.5% and in the fourth by 0.3%.
Year-on-year GDP was -3.1% in the first quarter, falling for the fifth consecutive quarter and slightly disappointing the estimated -3%. In any case, this is the slightest drop percentage seen since the first quarter of 2020, when it stood at -2.2%.
EUR / USD reaction
EUR / USD has risen at the time of the data release by nearly 15 pips, rising to 1.2234, its highest level since last Friday, May 21. The rise in the single currency has more to do with increased risk appetite than European fundamentals.
At time of writing, the pair is trading above 1.2235, gaining 0.17% daily.
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