Bank of France: French GDP contracted 13.8% in Q2 2020, in line with forecasts

The latest Bank of France economic forecasts showed that the economy contracted in line with expectations in the second quarter of 2020.

Key highlights

“French economy in July ran 7% below the level expected had there been no coronavirus crisis.”

“The euro zone's second-biggest economy contracted 13.8%, in line with its forecast.”

"The rebound continued in July, at a more moderate rhythm, in line with the trajectory anticipated last month."

“In the manufacturing industry, capacity utilization in July rose 3 points to 72%.”

“Manufacturing and service sector activity would be stable in August.”

EUR/USD capped by 1.1800

The EUR/USD pair remains under mild bearish pressure in early Europe, trading at 1.1781, at the time of writing. The euro remains unperturbed by the above forecasts.