The Eurozone economy contracted as initially estimated in the fourth quarter, with the economic setback reflecting widespread weakness in spending, investment and foreign demand amid fiscal squeeze and debt woes.
Gross domestic product suffered a 0.3 percent reduction in the fourth quarter from a quarter ago, second estimates from Eurostat confirmed Tuesday. The first contraction since the second quarter of 2009, limited the annual growth to 0.7 percent.
In the third quarter, GDP grew 0.1 percent sequentially and advanced 1.3 percent from a year ago.
That said, European Economic Affairs Commissioner Olli Rehn said he sees signs of stabilization in the region.
The pair was likely to find support at 1.2570, Tuesday's low, and resistance at 1
EUR/GBP A Reliable Short Term Put
The Euro has been falling steadily against the Pound since early in the month. While there have been minor gains, they have consistently been lost within a day. However, the pair is unlikely to fall
Monthly Forex Preview for October 2014
The month of September saw the Central Banks take center stage across the board and also saw quite a bit of Central bank intervention in the currency markets, especially the Australian and the New Ze