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Euro eyes GDP release
The euro is under pressure versus the US dollar after France and Germany reported worse-than-expected data.
The euro is trading at $1.3362. Traders are digesting the decline in growth in Germany, and the zero growth from France in the second quarter. Keep in mind Italy slipped into recession last week.
The eurozone will release the final CPI and flash GDP report at 10am (London time). The consensus is for 0.4% and 0.1% respectively, and it is rather worrying that the core eurozone nations are struggling. The standoff with Russia is taking its toll on economic activity and sentiment, but this is not fully reflected in the value of the currency.
Soft CPI and GDP figures could put more pressure on the European Central Bank to ease their monetary policy further, which may drive the euro below the $1.33 mark with $1.3415 acting as resistance.