Analysts at TD Securities point out that it’s a very busy day for Eurozone’s data with German unemployment, Q2 GDP estimates for Spain, Italy, and the Eurozone, and July HICP estimates for France, Italy, and the Eurozone.

“For the Eurozone figures, we look for core CPI to slip to 1.0% y/y in July (mkt: 1.0%), and likely remain around that level for most of the rest of the year, and for headline HICP to slip to 1.1% y/y (mkt: 1.1%). For the Eurozone we look for Q2 GDP to decelerate to 0.3% q/q (mkt: 0.2%), with details showing further divergence between a healthy services sector and struggling manufacturing sector. We're less confident in our upside forecast though after yesterday's disappointing French print.”