Euro Supported by German GDP Report - 15.5.2012
The single currency gained some ground and pares yesterday’s losses against the dollar as German GDP increased in the first quarter more than economists predicted on average. The measure rose by a seasonally adjusted 0.5% on a quarterly basis, after falling by 0.2% in the last quarter of 2011, the Federal Statistics Office said. Annualized adjusted growth pace was 1.2%. According to the report the acceleration has been mainly driven by net exports and domestic consumption, while compensated in part by decreasing investments. The single currency rose toward 1.2860 versus the greenback by the beginning of the European trading session after touching earlier in the global day 1.2813, the lowest since January 18. The currency also strengthened in the morning against the pound and the yen.