Germany’s IFO: Carmakers turn optimistic about exports, production in May

Dhwani Mehta FXStreet

According to a survey by the influential IFO economic institute, German carmakers are more upbeat on the production and exports outlook in May, as economic activity restarts after the coronavirus pandemic-imposed lockdown.

Key findings

“The index for export expectations rose to -9.8 from -65.3 in April while the index for production expectations increased to 22.7 from -41.5.”

“The sector remained pessimistic overall, with carmakers feeling more downbeat about the current business conditions than they did during the 2009 global financial crisis.”

EUR/USD: Bulls flex muscles above 1.1200 ahead of Eurozone Services PMI

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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