Eurozone Final GDP revised up to -3.6% QoQ in Q1 vs. -3.8% exp, EUR/USD unfazed
- Eurozone GDP (QoQ) (Q1): -3.6% actual vs –3.8% expected.
- Bloc’s GDP (YoY) (Q1): -3.1% actual vs. -3.2% expected.
- EUR/USD unmoved on data, as the dollar demand dominates.
Eurozone economy contracted less-than-expected in the first quarter, the third estimate released by Eurostat showed on Friday.
The bloc’s quarterly reading came in at -3.6%, beating expectation of -3.8% and -3.8% reported in the preliminary reading. The annualized figure arrived at -3.1% vs. -3.2% expected and -3.2% last.
Meanwhile, the number of employed persons in the Eurozone decreased by 0.2% QoQ in Q1 vs. -0.2% expected and -0.2% previous.
About Eurozone 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
The shared currency shrugs the upward revision to the Eurozone Q1 growth numbers, as EUR/USD keeps losses above 1.1250 level.
At the press time, EUR/USD drops 0.26% to trade at 1.1262.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
