German Q-2 GDP stronger than expected

German prelim Q-2 GDP has come in better than expected. It rose a s.a. +0.3% q/q, better than the median forecast of -0.2%.

Unadj contracted -7.1% y/y, better than median forecast of -7.6% and workday adjusted contracted -5.9% , better than the median forecast of -6.6%.

EUR/USD has rallied in wake of the good news, moving up from 1.4215 post release to session high 1.4248 at writing. Technical resistances now 1.4250/55 and then 1.4290/00.