Germany’s IFO: German industry remains caught in recession
|In its latest assessment on the German economy, Germany’s IFO economic institute affirmed 2020 German GDP growth forecast of 1.1%.
Further Comments:
Sees 2021 German GDP growth at 1.5% (vs 1.4% in pvs f'cast)
Recession in the general economy very unlikely.
Trade conflict pursued by US is hampering global trade, investment activity.
German industry remains caught in recession.
Order intake, manufacturing business expectations, goods exports indicate that industry's free fall has stopped.
The EUR/USD pair has erased intraday gains and now trades neutral near 1.1130 region, having failed several attempts to take out the key resistance located near 1.1150. The 200-DMA lies at 1.1155, which could be surpassed if the ECB President Lagarde positively surprises the hawks.
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