The euro-zone grew at a quarterly rate of 0.4%, lower than 0.5% originally reported. Year over year, growth was downgraded to 1.7% from 1.8% initially announced.
Other figures have been disappointing as well: industrial output dropped by 1.6%. The German ZEW economic sentiment slid all the way to 10.4 points and the current conditions components fell to 76.4 points.
Other figures have been disappointing as well: industrial output dropped by 1.6%. The German ZEW economic sentiment slid all the way to 10.4 points and the current conditions components fell to 76.4 points.
EUR/USD is sliding towards 1.0610, but not going very far.
The euro-zone was expected to confirm the 0.5% growth rate initially reported. However, since those forecasts were made, the German growth rate disappointed and also Italy fell behind.
In addition to the GDP data, the euro area also releases industrial output data, which carried expectations for a drop of 1.5% m/m and a rise of 1.7% y/y.
The German ZEW Economic Sentiment was predicted to slip from 16.6 to 15 points.
EUR/USD traded around 1.0620 ahead of the multiple announcements. Support awaits at 1.0580 and resistance is at 1.0650.
In the US, the turmoil around Michael Flynn has hurt the US dollar, but the bigger event of the day is the testimony by Fed Chair Janet Yellen.
More: EUR/USD: Here Is Why It Will Fall N-Term Before Rallying M-Term – Danske
