EU Commission lowers eurozone GDP growth forecast to 1.1% this year (previous estimate 1.2%),

In its latest Economic Growth Forecasts on Thursday, the European Commission announced that it lowered the Gross Domestic Product (GDP) growth expectation for the eurozone to 1.1% for 2019 from 1.2% reported in the previous estimate.

"The European economy has entered a protracted period of subdued growth and low inflation," the Commission said in its publication and further added that inflation is forecasted to be 1.2% both in 2019 and 2020 before ticking up to 1.3% in 2021.

This report had little to no impact on the shared currency's market valuation and as of writing, the EUR/USD pair was trading at 1.1083, adding 0.15% on the day.