Euro Mixed Following German GDP Data

The Euro is showing a mixed performance against major currencies on Wednesday, following data showed the German economy’s biggest contraction on record and an improvement in the Eurozone economic sentiment.

Although the EUR is maintaining some gains against commodity currencies, it is declining across the board.

EUR is down to its lowest level in more than a week against the British Pound with the EUR/GBP trading at 0.90262, down by 0.44% for the day.

Meanwhile, the EUR/JPY is marginally down by 0.01% at 123.631, moving through a range between ‪123.868 and ‪123.340.

The Euro also declined against the US Dollar (USD) with the later gaining support from the recent Federal Reserve statement, which vowed to support the economy amid the COVID-19 crisis and to maintain interest rates near 0%.

Germany’s gross domestic product (GDP) recorded its worst decline on record during the second quarter (Q2) of 2020, contracting by 10.1%.