Weaker-than-expected preliminary report of the German GDP growth in the Q2 managed to strengthen bearish sentiment in the EUR/USD pair. The Euro rose initially against the Greenback, but continued to trade below the 1.1763 mark. Though, during the Tuesday’s session, the further direction would be determined by the US economic reports.
Destatis revealed that its preliminary estimate for the Germany’s economic expansion rose 0.6% in the June quarter, following an upwardly revised 0.7% gain in the Q1. The country’s economic growth was driven by higher industrial production and retail sales. However, risks of deterioration in the Euro zone’s largest economy could result in more cautious ECB stance towards the next policy changes.
