FXstreet.com (Barcelona) - Euro Zone GDP contracted at a 0.1% pace in the second quarter of the year, a sharp improvement from the 2.5% decline posted in the first three months of the year and beats the experts expectations of a 0.3% decline.

Year on year, Euro Zone economy has contracted at a 4.6% pace, following a 4.9% year on year contraction in the first quarter.

EUR /USD has risen on better than expected GDP data, reaching intra-day high at 1.4270, although the pair returned to levels around 1.4255 shortly afterwards.