The Spanish GDP report for Q3 2023 was a key European macro release scheduled for today. Report was expected to show a lower pace of expansion than in Q2 2023, in both quarterly and annual terms.
While the actual report indeed showed a slowdown in pace of growth compared to Q2 2023, it came in above analysts' expectations with quarterly growth coming in at 0.3%. Nevertheless, beat in Spanish GDP data failed to provide a boost for EUR. In fact, EURUSD even dropped in the first minutes following the release
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- Quarterly: 0.3% QoQ vs 0.2% QoQ expected (0.5% QoQ previously)
- Annual: 1.8% YoY vs 1.6% YoY expected (2.2% YoY previously)
EURUSD dropped and tested overnight lows in spite of a better-than-expected Spanish GDP data for Q3 2023. Source: xStation5
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