Latest data released by Istat - 31 January 2019
- Prior -0.1%
- GDP +0.1% vs +0.3% y/y expected
- Prior +0.7%; revised to +0.6%
Slight delay in the release by the source. Italian quarterly growth shrinks for a second straight quarter and confirms the economy slips into a recession. The headline here sends EUR/USD to its low of the day at 1.1478. I'd expect the pair to bounce back to near 1.1500 ahead of US trading though (unless the dollar surprises to the upside). The result here was very much expected so it is more of a minor knee-jerk on the headline.
