Forex Technical & Market Analysis FXCC Feb 15 2013

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[b]Forex Technical & Market Analysis FXCC Feb 15 2013

Eurozone tumbles deeper into recession

The preliminary Eurozone GDP numbers for the fourth quarter of 2012, published in the European morning, paint a rather gloomy picture of economic activity in the area: growth declined sharply by 0.6%, which makes it a third straight quarterly fall. GDP in the three largest Eurozone economies shrank more than expected. Germany saw a 0.6% decline, France contracted by 0.3% and Italy by 0.9%. Portuguese GDP plunged by 1.8%, which makes the country the worst performer in the Eurozone. Only Estonia and Slovakia registered growth in the area, but results for Ireland, Greece, Luxembourg, Malta and Slovenia are still pending. ING analyst Peter Vanden Houte comments: