Eurozone Q1 GDP growth was revised down to 0.5% q/q from 0.6% q/q reported initially. Still a solid acceleration from the 0.3% q/q in Q4 last year, but it seems stronger than expected German growth failed to compensate for the modest acceleration in Italy, the weaker than expected number in Portugal and the ongoing contraction in Greece. In any case, while the earlier timing of Easter may have helped Q1 growth along, indicators already point to a slowdown ahead and the balance of risks going ahead remains firmly tilted to the downside. For now the ECB is on hold and focused on implementing the measures already announced, but at the same time officials are keeping the door to further easing wide open.
Although a revision downwards it was a relatively good figure, with only Greece and Latvia not growing, EURUSD ticked up to the 1.1350 area, but down from yesterdays 1.1400 this morning.
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