The euro-zone economy grew by 0.3% q/q in Q4 2015 and 1.5% y/y, exactly as expected. However, industrial output was very disappointing with a drop of 1% m/m and 1.3% y/y.

EUR/USD continues hugging the 1.13 level.

The euro-zone was expected to report a growth rate of 0.3% in Q4 2015, the same as in Q3. Year over year, a slide from 1.6% to 1.5% was on the cards, but Germany's small miss implied a weaker number.

EUR/USD traded lower, as the mood in markets improved, under 1.13. Yesterday, the common currency enjoyed safe haven flows and reached the veteran resistance line of 1.1375.

At the same time, the euro-zone also published industrial output. Expectations stood on ¿0.3% m/m and +0.8% y/y.

Earlier, Germany reported a rise of 0.3% q/q as expected, but y/y it was only 2.1%, below 2.3% predicted. Italy, the third largest economy, disappointed by growing only 0.1% against 0.3% expected, and below the previous quarter.

Later today the euro will move by key US figures. Retail sales for January are released at 13:30 GMT and then consumer sentiment at 15:00.