Breaking: Eurozone Preliminary GDP contracts 3.8% QoQ in Q1 vs. -3.5% expected, EUR/USD stays below 1.09
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The Eurozone economy saw a sharp contraction of 3.8% on quarter in the three months to March of 2020, missing -3.5% expected, the first estimate showed on Thursday.
On an annualized basis, the bloc’s economic growth came in at 3.3% from 1.0% seen in the previous readout while missing -3.1% expectations.
About Eurozone Preliminary GDP
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
FX implications
On the data release, the shared currency barely moved, as EUR/USD kept its range near-around 1.0885 region. Focus remains on the ECB monetary policy decision for fresh direction.
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