Breaking: German Preliminary GDP shrinks 10.1% in Q2 vs. -9.0% expected, EUR/USD unfazed

• German GDP arrives at -10.1% QoQ in Q2 vs. -9.0% expected.
• Annualized German GDP stands at -11.7% in Q1 vs. -10.9% expected.
• EUR/USD unmoved on the German growth numbers.

Separately, the Unemployment Rate in the Euro area’s economic powerhouse came in at 6.4% in July vs. 6.5% expected and 6.4% last. The Unemployment Change for July stood at -18K vs. +43K expectations.

more to come ....

About German Prelim GDP

The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).