According to the latest monthly report published by the German Finance Ministry on Friday, the coronavirus pandemic had a massive hit on the government tax revenues in April.
“Tax revenues of the German government and the 16 federal states declined by 25.3% in April from a year earlier to around 39 billion euros ($43 billion).”
“Early indicators show that the situation will likely remain difficult over the next months.”
“The revenue decline was most severe for income, corporate and air traffic taxes, the report showed. “
“The pandemic’s impact on tax revenues were first visible in March but has now accelerated.”
EUR/USD is nursing losses around 1.0900, weighed down by relentless US dollar buying across the board, as investors run for cover amid intensifying US-China tensions.
At the moment, the spot trades at 1.0905, down 0.40% on the day, having hit a daily low of 1.0894.
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.