- Eurozone GDP (QoQ) (Q2): -11.8% actual vs -12.1% expected.
- Bloc’s GDP (YoY) (Q2): -14.7% actual vs. -15% expected.
- EUR/USD unmoved on data, as the dollar demand dominates.
Eurozone economy contracted less-than-expected in the second quarter, the third estimate released by Eurostat showed on Tuesday.
The bloc’s quarterly reading came in at -11.8%, beating expectation of -12.1% and -12.1% reported in the preliminary reading. The annualized figure arrived at -14.7% vs. -15% expected and -15% last.
Meanwhile, the number of employed persons in the Eurozone decreased by 2.9% QoQ in Q2 vs. -2.8% expected and -2.8% 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 remains little impressed by the upward revision to the Eurozone Q2 GDP figure, as EUR/USD posts minor losses above 1.1800 level.
At the press time, EUR/USD drops 0.08% to trade at 1.1807.
