Euro area GDP grows at an annualized rate of 5.1% in Q1 vs. 5% expected

• Euro area economy grew by 5.1% (YoY) in the first quarter.
• EUR/USD continues to push higher toward 1.0500 after the data.

The data published by Eurostat showed on Tuesday that the seasonally adjusted Gross Domestic Product grew at an annualized rate of 5.1% in the first quarter, compared to the market expectation of 5%.

Further details of the publication revealed that on a quarterly basis, GDP increased by 0.3%. Finally, the Employment Change was up 0.5% in the first quarter as expected.

Market reaction

The shared currency preserves its strength after these data. As of writing, EUR/USD pair was trading at 1.0480, rising 0.5% on a daily basis.