BREAKING: German economy contracts 5% in 2020

First estimate of the German economic growth in 2020 has been released at 9:00 am GMT. According to the report released by the Federal Statistical Office, German economy contracted by 5% compared to 2019 levels. This is a slightly better reading than a median estimate of 5.1% decline. DE30 moved lower following the release while EURUSD saw a minor reaction.

DE30 pulled back in spite of slightly better-than-expected GDP data for 2020. However, scale of reaction was small. Source: xStation5

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