Eurozone Q2 GDP growth remains at 0.4%, as flash data showed

Eurozone GDP growth in the second quarter remains at 0.4%, according to preliminary data released by Eurostat on July 30, according to wire service reports. Annually, the Q2 GDP growth aligns with flash estimates at 1%. The Euro (EUR) shows no significant reaction to the revised GDP figures, as the EUR/USD exchange rate rises 0.22% to near 1.1555, buoyed by a weaker US Dollar.

The GDP, a key economic indicator released quarterly by Eurostat, measures the total value of goods and services produced in the Eurozone. A rise in QoQ readings typically bolsters the Euro, while low readings signal bearish sentiment. Analyst Sagar Dua, with a background in Commerce post-graduation, covers financial markets and notes that GBP/USD extends gains above 1.3500 during European trading hours on Friday, as the US Dollar declines against the British Pound due to lower-than-anticipated consumer and producer inflation data.

Traders will monitor upcoming US Retail Sales and Consumer Sentiment reports later in the week. EUR/USD gains early Friday momentum and trades above 1.1550, benefiting from renewed US Dollar weakness and doubts about a September Fed rate hike, which counteract Middle East concerns. Meanwhile, gold shows slight recovery from the $4,300 range ahead of the European session but remains in negative territory for two consecutive days.

Despite a mixed fundamental outlook, caution is advised before positioning for further declines in gold's price. Bitcoin SV experiences nearly a 2% increase, continuing its upward trend over recent weeks, as vulnerabilities in the Bitcoin ecosystem drive demand. Its technical outlook is bullish, with the price testing an upside breakout above the 200-day Exponential Moving Average at $15.39.