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Germany enters recession

Germany enters recession | 07 September 2023

07 September 2023, EUR/USD

Germany enters recession

EURUSD trading plan:

German industrial production fell by slightly more than expected in July, the federal statistics office said, underlining the challenges faced by the sector after a winter downturn in Europe's largest economy. Production fell by 0.8% in July compared to the previous month. The weak global economy and high energy prices will keep the outlook gloomy. On the production side, it already looks like another quarterly loss. In the less volatile three-month comparison, production between May and July was 1.9% lower than the previous three months, the data showed. Germany's manufacturing sector has had a difficult year so far due to dwindling orders, sluggish output and high prices.

Investment idea: sell 1.0735 and take profit 1.0675.

David Johnson
Analyst of «FreshForex» company
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