| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | GDP (QoQ) | Quarter II | 0.2% | -0.1% | -0.1% |
| 06:00 | Germany | GDP (YoY) | Quarter II | -0.1% | -0.1% | 0.0% |
| 06:00 | Germany | Gfk Consumer Confidence Survey | September | -18.6 | -18.3 | -22.0 |
EUR traded mixed against other major currencies in the European session on Tuesday as investors digested Germany’s final GDP growth estimates for the second quarter of 2024.
The single European currency fell versus GBP, rose versus USD and JPY, and changed little versus CAD, AUD, CHF and SEK.
Federal Statistical Office reported its final estimates confirmed that the Eurozone’s largest economy shrank 0.1% QoQ in the second quarter, weighed down by decreased investment and consumer spending. That was in line with economists anticipations. On a YoY basis, Germany’s GDP was unchanged. Though the annual reading was slightly above economists’ forecast of a 0.1% YoY drop, it indicated that the German economy remains in stagnation.
Today’s weak data from Germany, however, did not influence markets’ expectations of the rate cuts from the European Central Bank by the end of 2024. They continue to forecast slightly less than three 25-basis-point rate decreases by year-end.