RTTN:Euro Declines As Eurozone GDP Contracts More-than-expected
The euro weakened against other major currencies on Wednesday's European session, as Eurozone economy contracted more than expected by economists in the first quarter of 2013.
According to preliminary data from Eurostat, the gross domestic product fell 0.2 percent quarter-on-quarter in the first quarter, faster than the expected 0.1 percent contraction. This followed a 0.6 percent decline in the fourth quarter of 2012.
The economy shrank 1 percent on an annual basis. This was steeper than a 0.9 percent contraction recorded in the fourth quarter of last year.
The 17-nation currency reached 1.2879 against the greenback, lowest since April 4. The euro may face support around 1.27 level.
The euro retreated from an early 4-month high of 1.2524 against the franc and is trading at 1.2488.
The euro is trading at 132.43 against the yen, off its early high of 131.99.
The euro fell to a 2-day low of 0.8441 against the pound, after reaching a multi-week high of 0.8516 on Tuesday.
