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The euro zone economy fell into a technical recession

The euro zone economy fell into a technical recession | 09 Juni 2023

09 Juni 2023, EUR/USD

EURUSD trading plan:

Gross domestic product for the 20-country euro zone fell by 0.1% in the first quarter compared with the final quarter of 2022, when GDP also slipped by 0.1%, revised from a previous reading of zero. Two successive quarters of contraction are commonly described as a technical recession. Going forward, growth will remain soft despite dropping wholesale energy prices, as monetary policy tightening dents investment and still-present inflationary pressures constrain consumption. A recession had been expected towards the end of last year as the euro zone wrestled with high energy and food prices and as a post-pandemic spending boom faded. Initial estimates had suggested the region had avoided this.

Investment idea: range 1.0725 -1.0825.

David Johnson
Analyst of «FreshForex» company
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