Euro Area GDP grows at an annual rate of 2.3% in Q3 vs. 2.1% expected

• Q3 GDP growth for the Euro area got revised higher.
• EUR/USD continues to trade in a tight channel below 1.0500.

Seasonally adjusted Gross Domestic Product (GDP) in the Euro area expanded at an annual rate of 2.3% in the third quarter, Eurostat reported on Wednesday. This reading followed the 4.2% growth recorded in the second quarter and came in higher than the initial estimate and the market expectation of 2.1%. 

Other data from the Euro Area revealed that the Employment Change was up 1.8%on a yearly basis in the third quarter, slightly higher than the market expectation of 1.7%.

Market reaction

EUR/USD clings to modest daily gains at around 1.0480 after the data.