European session review: EUR under pressure after the release of Eurozone's Q4 GDP data

EUR traded slightly lower against its most major counterparts in the European session on Friday after the Eurozone's Q4 GDP data showed the region's economic growth remains weak.

Eurostat reported its second estimate confirmed the Eurozone's GDP grew only 0.1 percent q/q in the fourth quarter of 2019, below 0.3 percent q/q expansion reported in the previous quarter. That marked the weakest rate of growth since the first quarter of 2013. Meanwhile, the Eurozone's annual economic expansion was revised lower to 0.9 percent in the fourth quarter (from 1.0 percent in advanced estimate), the weakest pace since the fourth quarter of 2013. 

In addition, Destatis' report revealed that Germany's economy stagnated in the fourth quarter. The German GDP was unchanged q/q from the previous quarter, the preliminary estimate showed. Economists' had expected a growth of 0.1 percent q/q. The third-quarter growth, however, was revised up to 0.2 percent q/q from 0.1 percent q/q. In y/y terms, the economy expanded by 0.4 percent in the last quarter, following an upwardly revised 0.6 percent advance in the third quarter and matching forecasts. In 2019, the German economy grew 0.6 percent after a 1.5 percent gain in 2018. That was the slowest pace since 2013.