The final Gross Domestic Product of the Eurozone for the second quarter has surprised the market with a rise in 2.2% after falling 0.3% in the first three months of the year. This is the first rise seen since the third quarter of 2020. The indicator has improved market expectations, which expected a drop of 0.6%.
Year-on-year, the Second quarter GDP is up 14.3%, improving the expected 13.6% and the previous -1.3%. This increase breaks a streak of five consecutive quarters of falls. In addition, it is the strongest rise seen in history.
EUR / USD Reaction
EUR / USD has picked up some momentum with the release, rising to the 1.1880 zone after falling in the hour before to an intraday low at 1.1859. At time of writing, the pair is trading above 1.1879, gaining 0.08% daily.