9:04 AM · 7 September 2023

BREAKING: Eurozone GDP revised downward! EURUSD gains!

The revision of the Eurozone's Q2 2023 GDP surprised markets, which had expected a reading of 0.6% growth.

Eurozone GDP Y/Y: 0.5% Forecast: 0.6% Previously: 1,0%
Eurozone GDP M/M: 0.1% Forecast: 0.3% Previously: -0,1%

The eurozone's GDP saw a marginal increase of 0.1% in Q2, falling short of initial 0.3% projections, according to final data from Eurostat. The underwhelming growth was due to stagnant domestic consumption and declining exports. EURUSD is gaining, even though expectations for a rate hike from the ECB next week are falling.

source: xStation 5

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