Flash Q3 eurozone and Germany GDP higher than expected 📈EURUSD gains

Q3 GDP growth (Prelim) in the Eurozone (y/y):

• Result: 0.9% 
• Forecast: 0.8%  
• Previously: 0.6%

Preliminary Q3 GDP growth in the Eurozone (q/q):

• Result: 0.4%
• Forecast: 0.2%
• Previously: 0.3%

Germany's preliminary Q3 GDP (y/y):

• Result: 0.2%
• Forecast: 0.1%
• Previously: 0.3%

Preliminary Q3 GDP in Italy (y/y):

• REsult: 0.4%
• Forecast: 0.7%
• Previously: 0.9%

Spain CPI y/y (October): 1.8% Forecast: 1.7% Previously: 1.5% 

The EURUSD pair saw stronger movements after a series of country-specific data, which partially priced in the positive surprise of the Eurozone data. Hence, despite the higher-than-expected reading, there are no significant movements on the European currency after the readings. 

• Germany's preliminary Q3 GDP growth reading came in above expectations, which may come as a positive surprise, particularly given the continued negative sentiment on the health of the German economy. However, it is worth noting that the growth rate in Q3 was weaker than in the previous quarter.
• A similar trend can be seen in Italy, where a reading of 0.4% represents 0.5 p.p. lower growth than in the previous quarter. The GDP data sustained the surge of an hour ago on the EURUSD pair and further strengthened the European currency.