EUR/USD sparks higher after impressive German economic data

The EUR/USD pair is rising today as investors react to the better-than-expected German GDP data and the overall weaker US dollar. The pair is trading at 1.1821, which is slightly higher than Friday’s low of 1.1751. German economy contracted in the second quarter Germany, like all countries, has been affected greatly by the coronavirus pandemic. The country has reported more than 236,000 new cases and more than 9,336 deaths. As a result, the country enacted social distance and stay-at-home measures in March and April. As a result, the German economy contracted by 11.3% in the second quarter, according to Destatis.