According to the recent report by the Australian Department of Industry, the country is forecast to earn around 136 billion Australian dollars from the ore exports this year.
German economy dodges recession
In the final quarter of 2018, the German economy stalled, narrowly dodging recession because the fallout from global trade clashes and Brexit threatened to heavily impact a decade-long expansion in the EU’s number one economy.
GDP in Europe's leading economy was intact for the quarter, as the Federal Statistics Office informed on Thursday. By the way, a Reuters survey had foreseen a 0.1% leap.
German businesses are grappling with a decelerating global economy as well as trade clashes triggered by American leader. Moreover, there’s a high probability that the United Kingdom will abandon the European bloc in March on the terms of its withdrawal without an agreement.
With surge intact in the fourth quarter, the German economy dodged recession in the form of two or more consecutive quarters of contraction having dived by 0.2% in the third quarter.
The German economy rallied at its weakest tempo for five years last year. Surge is anticipated to dive further to 1% in 2019, and Germany experiences a budget shortfall of nearly 25 billion euros by 2023.
The fallout from the trade disputes as well as fears about Brexit are putting pressure on business confidence that keep slipping for the fifth month in a row.
Morale is also being suppressed by weaker demand for German services and goods in the euro zone, China as well as emerging markets.
Moreover, the German cabinet is concerned that technological innovation along with the acquisition of German industrial know-how by foreign, especially Chinese businesses could affect the manufacturing base on which much of Germany's prosperity is based.
The previous week, Peter Altmaier, the country’s Economy Minister told that the cabinet might take stakes in major domestic companies to avert foreign takeovers. From his point of view, such a move is required to safeguard the country’s prosperity.
IMF downgraded its projections for the Euro Area. Economists predict that the EU will get back to the pre-pandemic levels only by the end of 2022.
US Core monthly retails sales will be announced on Friday at 15:30 MT time.
Coinbase Global Inc., the leading cryptocurrency exchange in the US, will go public on the Nasdaq index on April 14!
The American inflation rate is announced on Tuesday at 15:30 MT. It’s an important event for traders as it will impact hugely currency pairs with the USD.
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