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Fundamental Forex Analysis

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.

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