Another healthy set of numbers from one of the main members of the EU
- Q3 prelim GDP +2.2% vs +2.2% expected y/y
Year-on-year, that's the highest improvement in GDP since 2011.
Though consumer spending data is taking a little shine off the GDP report.
- French October consumer spending -1.9% vs -0.1% expected m/m
- French October consumer spending -0.6% vs +1.4% expected y/y
EUR/USD is still higher on the day at 1.1860 now, retreating a little from the highs of 1.1867 posted earlier. Meanwhile, EUR/GBP is near the lows of the day at 0.8847 as the pound continues to threaten session highs.
Update: The consumer spending data looks very off to me. Numbers are down across the board in all sectors, from manufactured goods to food products, engineered goods, and even energy. The highest weightage remains in manufactured goods and the drop from 2.9% y/y to 0.2% y/y in that sector is what is bringing the report down as a whole.
Either that or it's just a bad month overall with key sectors being down and the volatile sectors like durable goods, energy, and textiles all having a dip as well.
