BREAKING: Eurozone GDP and CPI surprise to the upside

European CPI inflation for October as well as Q3 GDP report were both released at 10:00 am GMT. CPI inflation came in much higher than expected with headline price growth accelerating from 10.0 to 10.7% YoY (exp. 10.3% YoY). Eurozone economy grew at a pace of 0.2% QoQ, faster than 0.1% QoQ the market expected. On year-over-year basis GDP growth reached 2.1% in Q3 2022 and was in-line with economists' expectations. There was no major reaction on the markets to the release as better-than-expected GDP and higher-than-expected CPI data from member states released at the end of the previous week, paved the way for upside surprises today. EURUSD dipped on the release but scale of move was only around 0.1%.

Source: xStation5