Yields slumped after investors reacted with despair to a downturn in U.S. second quarter GDP.

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Yields Pare Gains Despite GDP Setback

Failure to extend intra-day rebound from 1.2980 suggests further consolidation would be seen and indicated minor support at 1.2977-80 must hold for prospect of another bounce to 1.3055/60, then towards yesterday’s high at 1.3107, however, break there is needed to signal recent upmove has resumed and extend towards 1.3145/50 but

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Trade Idea Wrap-up: EUR/USD – Hold long entered 1.3020

Today’s GDP data is another piece of data that underwhelmed, and adds to the string of releases casting a long shadow over the US recovery. It’s a good snapshot of where the economy is right now as it showed that consumer spending is adding less to growth, while business spending

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US GDP Grows Weaker Than Expected 2.4% in 2nd Quarter