Euro Slides as GDP Remains Negative in Q1 (FXE)
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The euro is weaker Wednesday following data from Eurostat showing that GDP for the 17-member region fell 0.2 percent in the three months ended March 2013.
On an annualized basis, that number translates to a drop of 0.9 percent, noted the WSJ today.
Despite the drop, the number is better than the 2.3 percent annualized rate realized in Q412. GDP has fallen 1.5 percent since the summer of 2011.
Germany, the euro-zone's largest member, reported growth of 0.3 percent in the recent quarter. The result is up from a 2.7 percent slide the prior period.
To blame for the lower output include small business activity in Italy, Spain, and Portugal, as well as high wages in France and Italy, among a series of other factors.
The euro is down 0.6 percent to $1.285 today. Traders will be keeping an eye on the CurrencyShares Euro Trust (NYSE: FXE) ETF.
On an annualized basis, that number translates to a drop of 0.9 percent, noted the WSJ today.
Despite the drop, the number is better than the 2.3 percent annualized rate realized in Q412. GDP has fallen 1.5 percent since the summer of 2011.
Germany, the euro-zone's largest member, reported growth of 0.3 percent in the recent quarter. The result is up from a 2.7 percent slide the prior period.
To blame for the lower output include small business activity in Italy, Spain, and Portugal, as well as high wages in France and Italy, among a series of other factors.
The euro is down 0.6 percent to $1.285 today. Traders will be keeping an eye on the CurrencyShares Euro Trust (NYSE: FXE) ETF.
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