The EMU’s Gross Domestic Product remains unchanged as expected at 0.3% on a quarterly basis. Year on year, the index also came out as expected at 2.0%, slightly higher than the previous year’s 1.9%.
The GDP data is compiled by the European Statistics Office Eurostat and measures the level of output of all goods and services produced in the Eurozone. It is an important indicator since it measures growth in the economies of the Eurozone. A higher reading is considered bullish for the Euro.
Upon release of the news EURUSD jumped over 8 pips within five minutes from 1.4287 up to 1.4294. Meanwhile EURGBP rose some 4 pips from 0.8780 to peak at 0.8784.