Flash GDP report for Q3 2021 from European countries turned out to be mixed. French reading surprised to the upside while Spanish missed expectations. Data from Germany and Italy released at 9:00 am BST also was mixed. Italian economy, just like French one, grew much faster than expected in the July-September period while German economy grew slower than expected. Market barely reacted to this data with German DAX (DE30) being little changed in the first 5 minutes after announcement and EURUSD taking a small 0.05% drop.
2.6% QoQ vs 2.0% QoQ expected
3.8% YoY vs 3.0% YoY expected
1.8% QoQ vs 2.2% QoQ expected
2.5% YoY vs YoY expected
EURUSD pulled back slightly after German and Italian releases but has managed to hold above the support zone at 1.1665, marked with 23.6% retracement of yesterday’s afternoon surge.
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