The Gross Domestic Product of the euro zone rose 12.6% in the preliminary reading for the third quarter of the year, being one tenth below the expected 12.7%. This is the largest rise recorded in the history of the Eurozone, and the first after two consecutive quarters of decline, -3.6% in the first and -11.8% in the second.
The preliminary year-on-year GDP has shown a 4.4% drop, worsening the estimated 4.3% decline. This is the third quarter with negative growth for the region, which suffered a sharp decline of 14.7% in the second quarter of the year after having fallen 3.1% in the first.
EUR / USD reaction
The EUR/USD it continues its bullish momentum this Friday, rising after the data to its highest price in two days at 1.1829. The pair has advanced 30 pips since testing a daily low of 1.1799 in the Asian session.
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Credits: Forex Street
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