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The German economy is facing a downturn

The German economy is facing a downturn | 12 September 2023

12 September 2023, EUR/USD

EURUSD trading plan:

The German economy is expected to contract in 2023, the European Commision said, cutting its forecasts for the euro zone's biggest economy. Germany's gross domestic product is now forecast to shrink by 0.4% in 2023, compared to the 0.2% growth projected previously. Weak consumption and a decline in construction investment are forecast to negatively impact growth, despite an uptick in equipment investment, the European Commission said. While weak external demand weighs on exports, net exports are expected to contribute positively to growth in 2023 due to falling imports, the commission added.

Investment idea: sell 1.0775 and take profit 1.0715.

David Johnson
Analyst of «FreshForex» company
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