EUR/USD: US GDP and Durable Goods Orders

The Euro traded sideways against the US Dollar, following the US GDP and Durable Goods Orders data releases on Thursday at 12:30 GMT. The EUR/USD exchange currency rate gained 4 pips or 0.04% after the release. The Euro continued trading at the 1.1020 level against the Greenback after the release.

The Bureau of Economic Analysis released the US Prelim GDP data, which came out worse-than-expected of negative 5.0% compared with the forecast of negative 4.8%. Note that the US Unemployment Claims data was released at the same time.

According to the official release: "The decline in first quarter GDP reflected the response to the spread of COVID-19, as governments issued "stay-at-home" orders in March. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the first quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified."