Eur0 zone Q-1 GDP data not overly surprisingly has come in worse than expected. Euro zone Q-1 growth fell -2.5% q/q, -4.6% y/y, compared to median forecasts of -2.0% and -4.1% respectively.
EUR/USD is so far holding up relatively well, presently at 1.3565. Earlier individual country GDP data had tipped the market the wink , that the overall euro zone data was most probably going to come in below expectations, and the market positoned itself accordingly. This will no doubt partly explain the muted response.
Also as aforementioned there had been talk of buy orders lying down at 1.3550/60.
Euro zone April inflation confirmed at 0.4% m/m, +0.6% y/y.
