EU slashes euro-zone growth forecast to 1.3%, Italy only 0.2% - EUR/USD pressured

The European Union cut the growth forecast of the euro-zone from 1.9% to only 1.3% in 2019. The fresh data is even worse for Italy, the third-largest economy. The European Commission sees a meager growth rate of 0.2% against 1.2% originally forecast. 

EUR/USD remains under pressure and battles 1.1340. Earlier, German Industrial Output came out with a drop against an increase that was expected for December. 

The slowdown is becoming more evident and the European Central Bank may have to delay its planned rate hike to 2020.