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Euro area growth accelerates more than forecast

Euro area growth accelerates

Euro area growth reported more than forecast acceleration in the first quarter, the preliminary gross domestic product data released on Tuesday showed.

The 19-nation region expanded 0.4 percent in the quarter through March, following a 0.2 percent growth in the previous three months. That was above analysts’ projections of 0.3 percent growth.

The year-on-year growth recorded 1.2 percent, similar to the revised prior reading, coming in higher than forecasts of 1 percent expansion.

Another boost came from the unemployment data, which signaled a drop to a 10-year low at 7.7 percent in March, down from 7.8 percent in February.

As of 09:40 GMT, the euro traded higher for a third straight session at $1.1213, noting that it hit a multi-month low of $1.1111 at the end of last week.

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