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EMU: GDP contraction accelerates more than expected in Q4

Preliminary quarterly Eurozone GDP data, released today by Eurostat point to a 0.6% decrease in the fourth quarter of 2012, following a 0.1% decline registered the previous quarter. Market experts projected less contraction of -0.4%.

On an annual basis Eurozone GDP fell 0.9% in Q4, compared with the 0.6% drop in Q3 and exceeding expectations of a 0.7% decrease.

Forex: EUR/USD plunges on wider recession in Eurozone

The EUR/USD is plunging below 1.3375/80, driven by the release of the flash EMU GDP Q4 that shows worse than expected data. The pair is currently down to 1.3336.
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Forex: USD/CHF rallies towards 0.9247 won EMU GDP

In reaction to the flash EMU GDP Q4 release, and as the CHF remains quite pegged to the EUR, the USD/CHF is running to the opposite direction of the EUR/USD. The pair had already breached above the 0.9200 mark earlier in the European morning and is now rallying as EMU economic growth came in worse than expected in the preliminary report.
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