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Apart from the ECB-led weakness, the eur/usd pair was further weighed down by a goodish pickup in US $ demand. Surging US Treasury bond yields provided a significant boost to the greenback and helped offset disappointing US macro releases on Thursday. The pair reversed all of its gains recorded in the previous session, led by a positive trade-related development, and tumbled to fresh weekly lows. The selling pressure now seems to have abated a bit, at least for the time being, as investors now look forward to the advance US Q2 GDP growth figures for some meaningful impetus on the last trading day of the week. The US economy is anticipated to have expanded by 4.1% in the three months to June and any positive surprise, over and above already elevated expectations, should boost the buck and exert some additional downward pressure on the major
