At 12:30 GMT, the US economy released its advance GDP reading for the second quarter of 2020, which shrank by 32.9%, the worst reading the US history, but slightly better than forecasts of -34.5%, vs. a contraction of 5.0% during the first quarter.

At 12:30 GMT, the US department of labor revealed that the unemployment claims reached 1.434 million in the week ending July 25, better than forecasts of 1.440 million, but worse than the previous reading of 1.422 after it was revised from 1.416 million.

The US dollar rose on Thursday, to cling above its 2-year low, as demand rebounded relatively, ahead of the US GDP reading for the second quarter, which is expected to show the worst contraction since the 1930s Great Depression.

The dollar index rose 0.4% to 93.68 points, after opening at 93.32, and hit an intraday high of 93.31.

The index lost 0.5% yesterday, and posted its 2-year low of 93.18 points, after the Federal Reserve decisions.

The US Federal Reserve voted on Wednesday to maintain rates at near zero while asserting it's ready to use all available tools to bolster the economy against the pandemic.

The Fed pledged after to continue its bond purchases and lending programs, adding that the economy is still behind its pre-pandemic levels, and a full recovery will depend on containing the virus..

Investors are anticipating key economic data releases today on the US GDP for the second quarter, amid expectations for the worst reading since the 1930s Great Depression.

At 12:30 GMT, the US GDP reading will be released, which is expected to show a contraction of 34.5% in the second quarter of the year, compared to a 5% drop in the first quarter. 

At the same time, US jobless claims are expected to reach 1.440 million in the week ending July 25 from 1.416 million the previous week.

The US economy closure since mid-March has forced around 52 million American workers to apply for unemployment benefits, and pushed the US unemployment rate to its all-time high of 14.7% during April.

European stocks fell on Thursday, to deepen losses for the second straight session, and hit a 4-week low, due to disappointing earnings reports by major companies, which have offset the US Federal Reserve's pledge to support the US economy from the coronavirus pandemic.

The Stoxx Europe 600 index fell 1.8% as of 11:15 GMT,  and hit the lowest since July 1st at 360.75 points, after it lost 0.1% yesterday, as the the banking and healthcare stocks slumped.

The pan European index opened lower today, to deepen losses for the second straight session, and hit a 4-week low, with most of the major European markets and sectors seeing red today.

The automotive sector saw the largest losses in Europe today, dropping 2%, followed by the banking sector, with a drop of 1.8%.

Volkswagen stocks fell over 4%, after the German automaker reported an operating loss in the first half, as the coronavirus led to a 27% drop in vehicle deliveries rate.

The US Federal Reserve pledged after two-day meeting to continue its bond purchases and lending programs while to bolster the economy against the pandemic.

The Fed stressed the economy is still behind its pre-pandemic levels, and a full recovery will depend on containing the virus.

S&P 500 futures fell 1.25%, after the index closed higher by 1.2% yesterday at Wall Street, after the Federal Reserve meeting.

Back to Europe, the Euro Stoxx 50 index fell 2.1%, France's CAC 40 fell 1.6%, Germany's DAX lost 2.8%, and the UK's FTSE 100 dipped 1.9%.