FXstreet.com (London) - Richard Kelly, head of European Research at TD Securities explained it is a disappointing day across the board for Eurozone data.

He said the German trade balance fell from 18bn to 13.1bn in May, led by exports falling 2.4% m/m. The Eurozone Sentix survey was then weaker than expected off of the poor equity performance in June. “And finally, as suggested in last week’s factory orders, German IP was twice as weak as expected, falling 1% m/m in May, but there were mild upward revisions to what was already a very strong May, so Q2 GDP continues to be on track for a 3-4% annualized gain, with more modest growth in Q3.” He said, still on tap, ECB President Draghi will be speaking at 9am EST in his usual quarterly testimony to the European Parliament.