Q3 German GDP Outstrips Market Expectations, Euro Rallies to Three-week Highs
Nov, 14th 14:25
The euro jumped against all its G-10 peers and hit the highest level in nearly three week versus its American counterpart on Tuesday after data on German GDP in the third quarter came in well above expectations.
The single currency added more than 0.7 percent in European trading session on Tuesday, sending the pair EURUSD to as high as $1.17500 – the strongest level since October 26th. The currency pair was also on course for its fifth consecutive advance and the biggest increase in almost 10 weeks.
Data released by Germany’s Destatis agency showed the eurozone’s biggest economy grew at a sequential clip of 0.8 per cent in the third quarter, outstripping economist expectations of 0.6 per cent. The expansion recorded last quarter resulted from buoyant growth in exports and capital investment. On a yearly base, the economy expanded at the rate of 2.8 percent, up from a revised 2.3% in Q2, which is the fastest in six years.
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