German Q-4 GDP data has come in weaker than expected. Seasonally adjusted GDP fell -2.1% quarter on quarter, and by -1.6% unadjusted year on year (versus median forecasts of -1.8% and -1.3% respectively.) The Q-4 quarter on quarter contraction is the biggest since reunification and not surprisingly the euro has slipped a little on the news, presently down at 1.2890.