Italian GDP data weaker than expected

Italian Q-1 GDP came in at -2.4% q/q, -5.9% y/y, weaker than median forecasts of -2.3% and -5.2% respectively.

Fourth consecutive quarterly decline and the steepest quarterly fall since the current series began in 1980.

EUR/USD is steady at lower levels, presently at 1.3580. Euro zone Q-1 GDP up in half an hour, expected -2.0% q/q, -4.1% y/y. Gotta think there’s a good chance will be worse than expected given individual country data.