BREAKING: USD  weakens after downbeat GDP report

The US economy contracted by an annualized  -0.9% in the second quarter,  following a 1.6 % contraction in the previous three-month period, well below analysts’ estimate of  0.5% increase, which indicates a technical recession.

Simultaneously data from the labour market were released:

• The number of Americans filling for unemployment benefits was  0.256 million in the week ended July 23, compared to 0.251 million reported in the previous week. Today’s reading came in above market expectations of 0.253 million. 
• Continuing claims reading, which lags initial jobless claims data by one week, dropped to  1.359 million from 1.384 million, while analysts expected a decrease to 1.380 million. 

EURUSD bounced off the 1.0115 resistance zone. Source:xStation5