The Eurozone economy grew 2.2% on quarter in the three months to September of 2021, beating 2.0% expected and 2.2% prior, the first estimate showed on Friday. 

On an annualized basis, the bloc’s GDP rate expanded by 3.7% in Q3 vs. 14.3% booked in the second quarter of 2021 while beating 3.5% expectations.

FX implications

The euro ignores the upbeat Eurozone GDP report, as EUR/USD remains undermined by the US dollar’s resurgence across the board. The spot is last seen trading at 1.1652, down 0.22% 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's 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).