While presenting the German DIHK Chambers of Industry and Commerce latest business sentiment survey among more than 26,000 firms, the German body cites that it sees 2020 GDP growth at 0.7% amid sluggish conditions.
Key quotes:
Export growth will be stagnant this year in the wake of trade conflicts and Brexit.
Private consumption seen +1.0%, state consumption up 2.2%.
More companies still expect business to be worse rather than better this year although investment sentiment is slightly better than it was from the October survey.
Equal proportion of firms see German exports rising in 2020 as see them falling.
Propensity to invest up slightly vs autumn survey.
In its October survey, DIHK forecasted GDP growth of 0.5% for 2020, citing that the increase was mainly due to an unusual high number of working days next year.
EUR/USD remains vulnerable
The shared currency trades with minor bids so far this Wednesday, with EUR/USD hovering around the 1.0800 level amid a broad US dollar retreat and looming coronavirus concerns.
The main currency pair hit a fresh 34-month low of 1,0786 in the US last session.
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