020 7898 0500The euro remained depressed yesterday after mixed data from the European Union. In the morning, Germany released the second reading of its second quarter’s GDP. The economy grew at an annual rate of 2.3%, which was lower than the expected 2.5%. On the other hand, the EU’s statistics office revised the GDP numbers to reflect a growth of 0.4% in the second quarter. The decline of the euro was partly because of the deteriorating industrial production which rose by 2.5%, but the ongoing contagion from the situation from Turkey hasn’t helped matters. The one-year lows printed in EUR/USD mean that the euro equivalent value of a $200,000 exposure has changed by over €4,000 in just a week!
