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Eurozone GDP Growth Slows, Euro Still Under Downward Pressure

Eurozone GDP Growth Slows, Euro Still Under Downward Pressure

Martin Essex, MSTA, Analyst

Eurozone GDP and EUR: prices, news and analysis:

  • The Eurozone economy expanded by just 0.2% quarter/quarter in the final three months of 2018 and by a mere 1.2% year/year.
  • The poor data will do little to prop up EURUSD, which has been weakened by a stronger US Dollar.

Weak Eurozone Q4 GDP

Economic growth in the Eurozone was a miserly 0.2% quarter/quarter in the final three months of 2018, leaving year/year GDP growth at just 1.2%, according to the latest data.

The figures followed news that the German economy failed to expand at all in the fourth quarter, while Italy fell into a technical recession. Now, it seems likely that growth in the Eurozone this year could be as low as 1%.

In the meantime, the Euro could well weaken further given the political problems in Spain and negative German government bond (Bund) yields right up to nine-year-maturity debt. Here’s how EURUSD reacted to the latest numbers:

EURUSD Price Chart, Five-Minute Timeframe (February 13/14, 2019)

Latest EURUSD price chart.

Chart by IG (You can click on it for a larger image)

In the recording above you can listen to my webinar on the data and the markets ahead of and after the figures were released.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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