The Eurozone economy rebounded 2.0% on quarter in the three months to June of 2021, beating 1.5% expected and -0.3% prior, the first estimate showed on Friday.
On an annualized basis, the bloc’s GDP rate expanded by 13.7% in Q2 vs. -1.3% booked in the first quarter of 2021 while beating 13.2% expectations.
Separately, Eurozone's unemployment rate arrived at 7.7% in June when compared to May’s 7.9%.
FX implications
The euro picks up fresh bids on the upbeat Eurozone growth and jobless rate data, as EUR/USD reaches fresh daily highs at 1.1907. The spot is last seen trading at 1.1903, up 0.15% so far.
About Eurozone Preliminary GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
