Reports for the EU member states’ GDP

The pair failed to break out from a major resistance line, sending the pair lower towards the nearest support line. Most reports for the EU member states’ GDP data will be published today, July 31. Yesterday, the EU’s largest economy already had its GDP results which disappointed investors. Germany’s economy for the second quarter of the fiscal year declined by 10.1%. Expectations for Q2 figures for France, Italy, and Spain’s economic performance were all double-digit declines as well. Spain is expected to suffer the worst decline among the three EU countries who will report today with -16.6%. Meanwhile, France and Italy’s forecast for its second-quarter GDP were -15.3 and -15.0, respectively. Also, the European Union will be posting its bi-monthly report for GDP, and expectations for the figure was at -11.2%. These data will hurt the single currency in the short-term. For the long-term outlook, the European region is expected to recover in Q3 and Q4.