Germany faces long recession | 21 November 2023

21 November 2023, EUR/USD

Germany faces long recession

EURUSD trading plan:

Germany's economy will likely shrink again this quarter and its recovery will be arduous, even if there are some signs an improvement could come early next year, the Bundesbank said in a monthly economic report. Suffering a deep industrial recession, Germany has been among the weakest economies in Europe this year as high energy costs, weak global orders and higher interest rates took their toll. Germany recorded quarterly economic growth just once this year and indicators in the final three months of the year have mostly surprise on the downside. This is a negative signal for the European currency.

Investment idea: sell 1.0975 and take profit 1.0895.

David Johnson
Analyst of «FreshForex» company
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