Latest data released by Destatis – 15 May 2018
- Prior +0.6%
- GDP NSA +1.6% vs +1.7% y/y expected
- GDP WDA +2.3% vs +2.4% y/y expected
Slight delay in the release by the source.
A slight miss relative to estimates. Goes to show that the soft patch in Q1 was slower than expected. Euro weighed down a little on the release, but the soft patch is to be expected and we’ll have the second reading for Eurozone GDP later so it’s not all too surprising.
EUR/USD touches a low of 1.1910 on the day.
According to Destatis, Q1 trade lost dynamism with exports and imports both weakening while consumer spending saw a slight increase but government spending was down on the quarter.