German economy ministry: GDP growth to pick up significantly in Q3

The German economy ministry was out with some comments in the last hour, saying that the GDP growth is likely to pick up significantly in Q3 following a 1.6% QoQ rise in the previous quarter. The ministry further added that the GDP growth is expected to normalize in the fourth quarter.

Market reaction

The comments did little to lend any support to the shared currency or ease the intraday bearish pressure surrounding the EUR/USD pair. In fact, the pair remained depressed below the 1.1800 mark, or near two-week lows touched earlier this Monday.