Q2 2014 Italian GDP flash -0.2% vs +0.2% exp q/q

• Prior -0.1%
• -0.3% vs +0.1% exp y/y. Prior -0.5% revised to -0.4%

The Italians remain in recession.

EUR/USD knocked down to 1.3358 from 1.3366. We got a bigger reaction from their PMI data yesterday.

Italian Q2 2014 GDP QQ & YY 06 08 2014