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- European session review: EUR weakens, as bets on more stimulus from ECB raised after weak European GDP data
European session review: EUR weakens, as bets on more stimulus from ECB raised after weak European GDP data
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:45 | France | CPI, m/m | January | 0.2% | -0.1% | 0.2% |
| 07:45 | France | CPI, y/y | January | 0% | 0.4% | 0.6% |
| 10:00 | Eurozone | GDP (QoQ) | Quarter IV | 12.4% | -1% | -0.7% |
| 10:00 | Eurozone | GDP (YoY) | Quarter IV | -4.3% | -5.4% | -5.1% |
EUR fell against most of its major rivals in the European session on Tuesday as dismal EU's GDP data raised expectations that the European Central Bank (ECB) might be forced to extend stimulus to help the block's struggling economy to overcome its pandemic-triggered downturn.
Eurostat reported its preliminary estimate showed that Eurozone's GDP shrank by 0.7% q-o-q and by 5.1% y-o-y in the fourth quarter of 2020. Economists had forecast a 1.0% q-o-q decline and a 5.4% annual drop after a sharp rebound (+12.4% q-o-q) in the third quarter when the countries of the region eased coronavirus containment measures after the first wave of the COVID-19 pandemic.
In the whole year of 2020, the Eurozone's economy fell 6.8%. This marked the sharpest annual contraction since the series started in 1995.
Moreover, it is expected that the block's economy will show another decline for the first quarter of 2021 as many member states reinforced restrictions and imposed lockdowns to combat a resurgence of the coronavirus outbreak in Europe.
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