Euro Rate: Eurozone Output Shrinks

The European statistics keeps on exerting pressure on the currency market. On Monday negative findings were brought to public relatively the industrial output within the Eurozone.
According to the released report of the European statistics agency Eurostat, the production scale had contracted for March by 0.3%, cutting back 2.2% on the annual basis. This is a maximal downturn since December 2009. The analysts were expecting to see a positive dynamics and a 0.5% growth.
Weak data have confirmed bearish sentiments in the European currency market. The euro-dollar pair levelled down to 1 dollar 28 cents.
The production has been suffering from tough retrenchment measures, directed to handle the Eurozone debt burden.
Another industrial contraction snuffs out the investors hope for the European economy revival. Moreover, by the end of the first quarter the Eurozone may enter the recession phase. The intial estimate of GDP increase is to be published today, the analysts predict it to lose 0.2%.