The second-quarter GDP in the eurozone was confirmed to have risen just 0.2% on the quarter ending June 2019. The data sees GDP growth slowing by half, comparing to the first-quarter GDP report. Meanwhile, the quarterly employment change was confirmed at 0.2% on the quarter. While the euro fell initially on the news, the mixed jobs report managed to help the common currency to recover.
EUR/USD Fails to Break Above Resistance
The EURUSD currency pair managed to briefly rise above the resistance area of 1.1033. The gains came mostly due to the volatility in the US dollar. However, following the payrolls report, the currency pair was seen easing back lower. We expect the consolidation near 1.1033 to continue in the run-up to the ECB meeting this Thursday.