The euro struggled to rally yesterday ahead of the Federal Reserve’s meeting, but managed to gain against the dollar afterwards. Today, it could be impacted by data releases over the next two days.
There’s been a series of data for Germany this morning.Germany’s seasonally adjusted unemployment rate edged up to 4.2 percent in June 2020 from an upwardly revised 4.1 percent a month earlier. This was the highest jobless rate since July 2018.
The GDP in Germany contracted 10.10% quarter-on-quarter and 11.7% year-on-year, figures this morning show. Both were bigger contractions than expected, showing that the economy is struggling.
This kicks off a busy two days of data for the Eurozone, with Euro Area consumer confidence and industrial sentiment figures due later today, as well as a series of inflation rate and retail sales figures going into tomorrow. This will finish with GDP data for the Eurozone tomorrow morning, which is expected to shrink quarter-on-quarter.
