German Economy Ministry: Significant GDP increase is likely in Q3
|In its latest report, the German Economy Ministry said that it expected a significant GDP increase in the third quarter of this year, courtesy of the growth in the services sector.
Additional takeaways
“Economic development could proceed sideways in Q4.”
“Bottlenecks in raw material delivery may keep hurting the industry in coming months.”
Separately, the German economic institutes cut the 2021 growth forecast to 2.4% from the 3.7% previous estimate.
Meanwhile, the country’s highly influential institutes raised the 2022 GDP growth forecast from 3.9% to 4.8%.
Market reaction
EUR/USD is extending its recovery above 1.1600, as the US dollar accelerates its corrective pullback amid a negative turn in the Treasury yields across the curve.
The spot remains unfazed by the above headlines, as it trades at 1.1619, up 0.24% on the day, at the press time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.