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Negative macroeconomic statistics from Germany

Negative macroeconomic statistics from Germany | 26 July 2023

26 July 2023, EUR/USD

Negative macroeconomic statistics from Germany

EURUSD trading plan:

German business morale deteriorated in July for the third month in a row, a fresh survey showed, as analysts warned that Germany's economic engine was struggling to recover after slipping into recession earlier this year. The Ifo institute said its business climate index stood at 87.3 following a revised reading of 88.6 in June. "The German economy has not really got back on its feet since the coronavirus crisis," said VP Bank chief economist Thomas Gitzel. "The problem is that cyclical uphills are not accompanied by strong GDP growth rates, but rather by fragile growth."

Investment idea: sell 1.1085 and take profit 1.1025.

David Johnson
Analyst of «FreshForex» company
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