BREAKING: EUR little changed after in-line GDP data

GDP report for Q2 2024 from euro area was released today at 10:00 am BST. This was the second release of GDP data for Q2 from euro area therefore scope for a surprise was small. Report was expected to show quarterly pace of growth remaining unchanged compared to Q1 2024 at 0.3% QoQ, while annual pace of growth was expected to accelerate from 0.4%YoY in Q1 2024 to 0.6% YoY in Q2 2024.

Actual report turned out to be in-line with flash reading - pace of quarterly growth remained at 0.3% QoQ, while annual pace of growth accelerated to 0.6% YoY. As there was no surprise in the data, there was also no major market reaction. EUR ticked lower, with EURUSD moving around 0.05% lower in a knee-jerk move. However, this barely noticeable drop was quickly erased and the main currency pair remains near daily highs. 

Euro area, GDP report for Q2 2024

• Quarterly: 0.3% QoQ vs 0.3% QoQ in first release (0.3% QoQ in Q1 2024)
• Annual: 0.6% YoY vs 0.6% YoY in first release (0.4% YoY in Q1 2024)

Source: xStation5