Germany: Government to cut 2020 GDP forecast to 1.1% from 1.5% in April


According to German magazine Der Spiegel, the German government will cut its 2020 growth forecast to 1.1% from 1.5% announced in April's forecast while leaving the forecast for 2019 unchanged at 0.5%. 

Responding to these claims, a spokeswoman for Germany's economy ministry said that government's latest gross domestic product (GDP) forecasts were not yet finalized.

Meanwhile, Reuters reported that two sources familiar with the matter said that there will be a significant cut to Germany's 2020 growth forecast.

The EUR/USD pair eased from its session highs on these headlines and was last seen trading at 1.1040, adding 0.35% on a daily basis.

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