When is Eurozone prelim Q1 GDP and how could it affect EUR/USD?

Eurozone prelim Q1 flash GDP Overview

Advanced GDP figures in the euro zone for the first quarter are due later today. Consensus amongst traders expect the bloc’s economy to expand 0.5% inter-quarter in Q1 versus 0.4% previous, while on annualized basis, is expected to remain steady at 1.7% as seen previously.

 How could affect EUR/USD?

On a better GDP print, we could see a fresh bout of buying interest around the euro, pushing the EUR/USD pair back above 1.0950. However, if the readings disappoint, the spot could surrender the 1.09 handle.

Limited reaction is expected on the data release, as the main risk event for today remains the FOMC monetary policy decision.

Key notes

Euro area GDP and US FOMC amongst market movers today – Danske Bank

Eurozone GDP growth to remain steady at 0.4% q/q in Q1 - TDS

About Eurozone prelim Q1 flash GDP

The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).