GDP data released for the Euro Area yesterday revealed that economy shrank 11.8% on quarter in the three months to June of 2020, slightly less than initial estimates of a 12.1% fall. It is still the biggest contraction on record, confirming that the economy is in a recession.
It’s a light day for data releases today, but the markets will be looking to the ECB’s latest interest rate decision, which is due tomorrow. The euro is currently strong against the pound and slightly weaker against the dollar.
