EURUSD falls after German GDP misses with -1.7%.
EURUSD falling today after German GDP missed estimates with -1.7% against -1.5% projected. This is casting shadow on the prospects for the quick economic recovery in Eurozone – even if the vaccination programmes are accelerating across the continent. The other factor adding to the bearish pressure on the par is the latest disappointing data from China – being one of the key trade partners with the European Union. China’s factory activity growth slowed and missed forecasts in April as supply bottlenecks and rising costs weighed on production and overseas demand lost momentum.
Except sellers on upward corrections.
Next support to watch – 1.2079
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