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Germany was expected to report a moderate growth rate of 0.6%, double the previous quarter, but the actual result is better than expected at 0.7% q/q for the first quarter. This is likely to positively impact the all euro-zone read expected later on. Also year over year, we have a small beat with 1.6% against 1.5% predicted.

EUR/USD traded around 1.1373 towards the publication, leaning lower in general but this beat does not move the pair too much.  It is important to remember than this is real growth, and if prices fall, a weak nominal growth looks better in real terms. This has been clearly seen in Spain, the euro-area’s fourth largest economy.

Inflation for the month of April comes out as expected on all measures, and this isn’t that good: -0.4% m/m in the national CPI. Year over year it remains at -0.1%. The European standard HICP is even lower.

More:  EUR/USD: The Fed Will Hike In June And That’s Not Priced In – Credit Agricole

The all-European figure is due at 9:00 GMT.