Today, was published the final report on GDP growth in Germany in the second quarter that totaled 0.4% against the forecast of growth by 0.3%. During the year, Europe's largest economy grew by 1.7%. It is worth noting that the growth by 0.7% was recorded in the first quarter. The reason for the slowdown was a drop in investment and the drivers were foreign trade and consumption. Euro responded with restrain to this statistic due to the expected speech of the Fed’s chairman on Friday at a conference in Jackson Hole, which will lead to an increase in volatility. We forecast a decline in the euro in the near future with the targets 1.1050 and 1.0985 and in the medium term with the potential of reaching 1.0700 and 1.0550.