The Eurozone economy expanded by 0.6% QoQ in the second quarter of this year, missing 0.7% expected and down from the 0.7% first reading, the second estimate showed on Wednesday. 

On an annualized basis, the bloc’s GDP rate rose by 3.9% in Q2 vs. the preliminary figure of 4.0% while falling short of 4.0% expectations.

The Preliminary Employment Change in the old continent for Q2 arrived at  0.3% QoQ and 2.4% YoY.

Market reaction

EUR/USD was last seen trading at 1.0168, almost unchanged on the day. The pair failed to sustain gains once again, as risk-off flows dominate in the European session this Wednesday.

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 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).