BREAKING: Preliminary Euro Area GDP data beat expectations, pushing EUR/USD higher.

Euro Area — Preliminary Gross Domestic Product:

GDP (seasonally adjusted, q/q): 0.2% (forecast: 0,1%; previous: 0.1%)
GDP (seasonally adjusted, y/y): 1,3% (forecast: 1,2%; previous: 1.5%)

Euro Area — Labor Market Data

Unemployment rate: current 6.3%; (forecast 6.3%; previous 6.3%)

The preliminary GDP figures for the Euro Area indicate a slightly better-than-expected economic performance in Q3. Quarter-on-quarter, GDP rose by 0.2%, above the forecast of 0.1% and an increase from the previous quarter’s 0.1%. Year-on-year, GDP grew by 1.3%, slightly surpassing expectations of 1.2%, though lower than last quarter’s 1.5%. These results suggest that the Eurozone economy continues to expand at a modest pace despite persistent headwinds such as elevated interest rates and subdued demand.

On the back of these figures, the euro is strengthening against the US dollar.

Source: xStation5

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