EUR/USD:Preliminary Eurozone GDP increased by 0.1% QoQ in Q4

According to the preliminary report released by Eurostat on Tuesday, the Eurozone's GDP grew by 0.1% in the three months leading up to December 2022, beating the 0.3% third-quarter growth rate and the predicted 0% growth.
Annualized GDP growth for the bloc was 1.9% in Q4 compared to 2.3% booked in the third quarter of 2022 and was in line with predictions of 1.8%.

Market response

The price of EUR/USD was last spotted at 1.0828, down 0.15% for the day. The euro's recovery was stopped at 1.0835 because it was unable to take advantage of the positive Eurozone GDP statistics.

Preliminary GDP for the Eurozone

A measure of the entire value of all products and services generated by the Eurozone is the Gross Domestic Product, which Eurostat recently published.The GDP is regarded as a comprehensive indicator of the economic activity and health of the Eurozone. The EUR typically benefits from rising trends while suffering from decreasing ones (or bearish).

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