Italian GDP data has come in much weaker than expected. Italy’s prelim Q-4 GDP fell -1.8% quarter on quarter and -2.6% year on year versus consensus forecasts of -1.2% and -1.6% respectively. The declines are the steepest since the start of the series back in 1980. EUR/USD sits at 1.2910, little changed in the wake of the release. Euro-zone GDP data now awaited at 10:00 GMT.