Eurozone economy picked up speed in the second quarter

Eurozone unemployment rate dropped to 9.1% in June

Eurozone growth as a whole rose twice as fast as in Britain, where gross domestic product was up 0.3 per cent in the last quarter.

The benchmark German 10-year bond yields, which moves inversely to its price, slipped almost 1 basis point to 0.53 percent, the French 10-year bond yields fell 1-1/2 basis points to 0.79 percent, Irish 10-year bond yields slumped 3-1/2 basis points to 0.81 percent, Italian down by 2 basis points to 2.07 percent, Netherlands 10-year bond yields also traded almost 2 basis points lower at 0.64 percent, Portuguese equivalents slid 1 basis point to 2.85 percent and the Spanish 10-year yields traded 1-1/2 basis points lower at 1.47 percent by 09:10GMT.

Updated estimates of euro zone GDP growth in the second quarter will be released by Eurostat on August 16 and final data will come on September 7.

The Euro jumped to its strongest position in two-and-a-half years against the US Dollar on Monday, ending London trading nearly one percent higher.

Meanwhile, the USA dollar was wallowing near 14-month lows against a currency basket after falling for a fifth consecutive month in July in what is its longest losing streak since 2011.

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The figures come a week after the International Monetary Fund said the eurozone economic recovery was broad and strengthening, but warned that low inflation, fragile banks and Britain's exit from the European Union remained significant risks.

"Although the exchange rate remains a key driver of export growth, manufacturers also benefitted from stronger economic growth in key markets in the euro area, North America and Asia-Pacific regions", Dobson said.

In the eurozone, growth has quickened and unemployment has fallen against the backdrop of ultra-low interest rates and other measures by the European Central Bank (ECB) to boost activity.

Today's data is yet another sign that the Eurozone is going from strength to strength this year, with the bloc's economic recovery picking up the pace in recent months.

Eurostat also released figures yesterday showing annual inflation across the Eurozone area is expected to be 1.3% in July 2017, stable compared with the position a year earlier.

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