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The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.  

EUR/USD consolidates its gains and trades around 1.0710. Resistance awaits at 1.1780 and support at 1.1670.

Italy, the third-largest economy in the euro-zone, was expected to report a growth rate of 0.5% q/q, significantly higher than 0.3% reported in Q2.

EUR/USD was moving up, trading around 1.17 ahead of the release, thanks to the excellent German GDP.

The euro-zone had already published an initial estimate of its growth rate for Q3, but this did not include the largest economy, Germany. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations.

An update on the all-European GDP will be released at 10:00 GMT, alongside the German ZEW economic sentiment and as the ECB president Mario Draghi hosts top-tier central bankers.

More:  EUR/USD: stabilization and a rise? Two opinions