Analysts at TD Securities point out that this morning's EZ data was generally stronger than expected.

Key Quotes

“The first estimate of German GDP growth came in at 0.5% q/q in Q2, a tenth higher than consensus (Q1 was also revised a tenth higher to 0.4%), leading the second print of EZ Q2 growth to be unexpectedly revised higher to 0.4%.”

“Germany's ZEW survey for August was also better than expected, with the current situation rising from 72.4 to 72.6 (mkt 72.1), and expectations from -24.7 to -13.7 (mkt -21.3). ZEW said that the recent trade agreement between the US and the EU had lifted investor sentiment significantly.”