German Consumers Deliver Strong Growth in Q2

The German economy extended its growth spurt in the second quarter, playing into the hands of Angela Merkel as she bids for a fourth term as chancellor.

Gross domestic product in Europe’s largest economy rose by 0.6 percent in the April-June period. While that’s below the 0.7 percent estimate in a Bloomberg survey of economists, the Federal Statistics Office revised first-quarter output up to 0.7 percent.

The euro extended its decline after the report and traded at $1.1756 at 8:32 a.m. Frankfurt time, down 0.2 percent.

Bloomberg

Euro Lower as German Preliminary GDP Misses Estimate

Dollar Rallies as North Korea Blinks

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.