Sharp contraction in Eurozone economy

The Eurozone’s fragile economic recovery hit another bump as official data for the fourth quarter of 2012 show a 0.6% quarter-on-quarter contraction.

This is the fastest rate at which the bloc has shrunk since the 2008 crash, deepening the region’s recession, reports FT.com

As a result, the euro, whose recent gains fuelled worries about the region’s export industry, depreciated 1% against the dollar.

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