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Negative macroeconomic statistics from Germany

Negative macroeconomic statistics from Germany | 22 June 2023

22 June 2023, EUR/USD

Negative macroeconomic statistics from Germany

EURUSD trading plan:

The German economy will contract more than previously expected this year as sticky inflation takes its toll on private consumption, the Ifo Institute said. German gross domestic product is expected to fall by 0.4% this year, more than the 0.1% forecast by the Ifo Institute in March. "The German economy is only very slowly working its way out of the recession," Ifo's head of economic forecasts, Timo Wollmershaeuser, said. The economic institute has also cut the forecasts for Germany in 2024 to 1.5% GDP growth, down from the 1.7% it previously expected. Inflation is forecast to ease slowly from 6.9% in 2022 to 5.8% this year, down to 2.1% in 2024.

Investment idea: sell 1.1010 and take profit 1.0880.

David Johnson
Analyst of «FreshForex» company
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