The Spanish government is reportedly considering downgrading it's Gross Domestic Product (GDP) forecast for this year to between -10% and -11% from May’s 9.2% contraction estimated, Europa Press reported on Sunday, citing sources from the government.
“The government will update its GDP forecast for this year in early October and is likely to update its budget deficit target too to a wider deficit than the 10.3% of GDP target announced in May,” the media outlet noted.
Market reaction
EUR/USD is unfazed by the above headlines, as it tracks the US dollar upside attempts amid positive open on the European markets this Monday.
At the press time, the main currency pair trades modestly flat at 1.1628, wavering in a 25-pips narrow range ahead of the European Central Bank (ECB) President Christine Lagarde’s speech.
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