EUR/USD dropped 0.64%. Germany’s GDP grew 0.7% in Q1 2016.

EUR/USD significantly dropped during European session today. As of 1:00 PM EDT the pair was trading at 1.1149, which is 0.64% lower than the previous close.

European shares climbed today. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,219.26, up 1.35%.
  • CAC 40 jumped 2.46% finishing at 4,431.52.
  • Euro Stoxx 50 was trading at 3,010.12 as of 5:50 PM GMT, which represents a 2.63% increase from the previous close.

According to the data released by the Federal Statistics Office, the Germany’s economic growth accelerated in the first quarter of the year, driven mainly by the increased domestic demand. The Germany’s GDP rose 0.7% in the Q1 2016, which represents 2.7% annualized growth rate according to the report from Destasis. “Positive impulses came mainly from the domestic economy. Investment, in particular, picked up noticeably at the start of the year” said Destasis.

“Early data for the second quarter point to payback from the one-off effects that boosted first-quarter GDP. The industrial sector had a jump-start in January but, in the course of the quarter, there was a visible loss of growth momentum” said Morgan Stanley.

Another data released today showed that the Eurozone ZEW index dropped to 16.8 in May from 21.5 in April. “The strong growth of the German economy in the first quarter of 2016 appears to have surprised the financial market experts. However, they seem not to expect the economic situation to improve at the same pace going forward. Uncertainties regarding developments such as a possible Brexit currently inhibit a more optimistic outlook” said ZEW President Achim Wambach.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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