German Q-1 prelim GDP data has come in weaker than expected at -3.8% q/q, -6.7% y/y compared to median forecasts of -3.0% and -6.0% respectively. Worst performance since reunification in 1990.
Federal Statistics Office says the contraction was led by a sharp decline in exports, which fell at a faster rate than imports, and by a drop off in investment.
EUR/USD has slipped about 15 pips on the news, presently at 1.3610.
