US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
German industrial orders go down 4.2% in February
In February, German industrial orders tumbled at their sharpest tempo for over two years because they were affected by a dive in foreign demand, backing fears that the EU’s number one economy had a poor start to 2019.
As a matter of fact, contracts for German goods went down by about 4.2%, as follows from data provided by the Economy Ministry on Thursday. It definitely differs from a 2.1% dive in January, updated from a 2.6% sink.
The sudden decrease turned out to be the steepest outcome since January 2017, thus confounding estimates for a 0.3% rally.
Apparently, dismal new order data drops a hint that German industry is still suppressed by Brexit woes as well as global uncertainties, as some experts pointed out.
Worries about the weakness of the manufacturing sector are affecting the outlook for the German economy that faces headwinds from a decelerating global economy, international trade clashes, to say nothing of the threat of the United Kingdom leaving the European bloc without an agreement.
In the nearer future, the German economy will be most probably sluggish, in particular, due to a lack of foreign demand.
In February, data disclosed that foreign orders slumped by approximately 6%, with a 7.9% tumble from non-euro zone countries as well as a 2.9% dive within the euro zone. In addition to this, domestic contracts headed south by about 1.6%.
Germany's leading economic institutes have reduced their 2019 surge estimate for Germany to 0.8% from a previous 1.9% forecast, as two sources revealed, already familiar with the report to be uncovered on Thursday, said Reuters.
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.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Hong Kong stock index extended a decline sparked by China’s tech crackdown. Tesla posted better-than-expected results. Jump in!