• Euro area GDP grew by 3.7% in the third quarter as expected.
• EUR/USD stays under modest bearish pressure, trades near 2021 lows.

The data published by Eurostat showed on Tuesday that seasonally adjusted Gross Domestic Product increased by 2.2% in the euro area and by 2.1% in the EU on a quarterly basis in the third quarter. 

On a yearly basis, the euro area economy expanded by 3.7% in the same period, matching the flash estimate and the market expectation.

Further details of the publication revealed that employment increased by 2.0% in the euro area and by 2.1% in the EU in the third quarter of 2021.

Market reaction

The EUR/USD pair remains on the back foot after this report and was last seen losing 0.06% on the day at 1.1360.