The Eurozone economy saw a sharp turnaround of 12.7% on quarter in the three months to September of 2020, beating +9.4% expected, the first estimate showed on Friday.
On an annualized basis, the bloc’s GDP contracted 4.3% in Q3 vs. -14.7% seen in the previous readout while beating -7.0% 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).
On the data release, the shared currency showed little reaction, as EUR/USD kept its range around 1.1670 region. The spot could take cues from the global coronavirus stats and sentiment on Wall Street ahead of next week’s US election.
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