Eurozone Preliminary GDP rebounds 12.7% QoQ in Q3 vs. +9.4% expected

Dhwani Mehta FXStreet

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).

FX implications

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.

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.

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