The Preliminary gross domestic product of the Eurozone stood at -0.6% in the quarterly reading of the first quarter of 2021. The result equals market expectations and moderates the -0.7% of the last three months of 2020 by one tenth.
The interannual GDP shows its fifth consecutive quarter in negative, standing at -1.8%, as expected. Despite being in contraction territory, this is the best result seen by the indicator since the fourth quarter of 2019, when it grew for the last time, specifically 1%.
EUR / USD reaction
EUR / USD shows gains this Tuesday, rising more than 30 pips since the European open to recently hit a new nearly three-month high at 1.2219. At time of writing, the pair is trading above 1.2214, gaining 0.52% daily.
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