Germany’s IFO: Industrial production to rise in the next three months
|Klaus Wohlrabe, Economist at Germany’s influential IFO institute, said on Friday, the industrial production is expected to increase in the coming three months.
The industrial sector in Germany is likely to extend the upturn following the contraction due to the coronavirus pandemic-induced lockdown.
Wohlrabe noted: "The industrial sector is continuing to work its way out of the trough in production."
His comments come after the institute published a survey showing that the mood among industrial companies improved for a third straight month in July.
Its worth noting that Germany reported 1147 new virus infections on Friday, the second straight day the news cases topped 1000 mark.
Market reaction
EUR/USD is off the lows, nursing 0.27% losses at 1.1842, at the press time. Broad US dollar comeback amid escalating US-China tech war dragged the spot lower.
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