{"id":102634,"date":"2020-07-30T14:14:44","date_gmt":"2020-07-30T18:14:44","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102634"},"modified":"2020-07-30T14:14:44","modified_gmt":"2020-07-30T18:14:44","slug":"103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\/","title":{"rendered":"GBP\/EUR: Euro slides after worst German GDP decline since 1970"},"content":{"rendered":"<p>The British pound is up against the euro on Thursday.<\/p>\n<ul>\n<li><strong>Trump questions US election date, suggests delay<\/strong><\/li>\n<li><strong>DAX index crushed after German GDP miss<\/strong><\/li>\n<li><strong>US Q2 GDP contracts -32.9% year-over-year.<\/strong><\/li>\n<li><strong>Germany tips into deflation for first time since April 2016<\/strong><\/li>\n<\/ul>\n<p>GBP\/EUR was higher by 50 pips (+46%) at 1.1069 as of 3pm GMT. This week the pound is higher by +0.85% over the euro.<\/p>\n<p>The currency pair held 1.10 in the Asian session then shot higher to peak 10 pips shy of 1.11. Yesterday it fell -0.15%.<\/p>\n<h2>GBP: Gains amid broader market uncertainty<\/h2>\n<p>Sterling gained in what was a difficult day of economic data for the euro and the US dollar. Second quarter GDP in America contracted by the most ever, losing a third of its value. The reading of -32.9% was slightly better than the median forecast of 34.1%. The implied fall in oil demand saw WTI crude oil post its biggest daily decline in 3 weeks.<\/p>\n<p>Added to the uncertainty in markets, US President Donald Trump\u00a0 called into question the timing of the US election, suggesting there should be a delay until people can physically go out and vote. Other politicians have suggested the November 3<sup>rd<\/sup> date is set in stone, despite question marks over mail-in voting, which is open to abuse.<\/p>\n<h2>EUR: German economic data slides in pandemic<\/h2>\n<p>The euro held up versus the dollar because of the equally disappointing growth figures in the United States but was down against other major currencies, including the pound.<\/p>\n<p>German GDP dropped by over 10.1% in the worst economic shock for Germany since the end of WWII. The decline was even bigger than the -9% decline expected. Germany\u2019s DAX index of blue-chip shares slumped over 3% in response. A positive surprise in July employment growth offered some reprieve.<\/p>\n<p>Preliminary CPI data for Germany in July saw a shock decline into negative territory with a reading of -0.1% when +0.1% was expected. Although only two tenths of a percent, it means Germany fell into deflation for the first time since April 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is up against the euro on Thursday. Trump questions US election date, suggests delay DAX index crushed after German GDP miss US Q2 GDP contracts -32.9% year-over-year. Germany tips into deflation for first time since April 2016 GBP\/EUR was higher by 50 pips (+46%) at 1.1069 as of 3pm GMT. This week [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":4932,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2649,1393,3053,2717,3052],"class_list":{"0":"post-102634","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-eur-gbp","10":"tag-euro","11":"tag-german-deflation","12":"tag-germany-cpi","13":"tag-pound-germany-gdp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Euro slides after worst German GDP decline since 1970 - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jasper Lawler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/\"},\"author\":{\"name\":\"Jasper Lawler\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/7cdd4328aaa82c6c13caee5961755200\"},\"headline\":\"GBP\\\/EUR: Euro slides after worst German GDP decline since 1970\",\"datePublished\":\"2020-07-30T18:14:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/\"},\"wordCount\":339,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100671-gbp-eur-tory-conference-uk.jpg\",\"keywords\":[\"eur\\\/gbp\",\"euro\",\"german deflation\",\"germany cpi\",\"pound germany gdp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103733-gbp-eureuro-slides-after-worst-german-gdp-decline-since-1970\\\/\",\"name\":\"GBP\\\/EUR: Euro slides after worst German GDP decline since 1970 - 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