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In February, German industrial output jumped by 0.7% because mild weather really backed an ascend in construction activity, although manufacturing production went down, providing little hope to the EU’s number one economy after a pack of downbeat news.
Germany is actually suffering from trade friction as well as Brexit uncertainty having avoided recession in 2018. On Thursday, key economic institutes slashed their estimates for this year’s surge and warned a long-term uptrend had already come to its end.
The ascend in output surpassed expectations for a 0.5% rally on the month. In fact, January's outcome was updated upwards to demonstrate no change from a previously posted 0.8% tumble.
Germany’s industrial sector is anticipated to stay subdued considering the dismal development in orders as well as the negative business climate. Moreover, the construction sector is still soaring, while the relatively mild weather also made a contribution to the decent outcome in February.
In February, Germany’s industrial orders went down by the biggest margin for over two years, diving by 4.2%, as Thursday’s data disclosed.
The total gain in industrial output was underpinned by a 6.8% leap in construction. As for manufacturing output, in February, it slumped by 0.2%.
On Thursday, the country’s key economic institutes had their estimates for 2019 surge slashed by more than half. They also warned that the German economy could speed down even more if the United Kingdom quits the EU without a deal.
Germany is currently in its 10th year of economic expansion, although narrowly dodged a meltdown at the end of 2018 and also reported its weakest surge for five years last year. This export-orientated economy is being speeded down by the trade as well as Brexit headwinds.
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
Germany, the leading economy in the Euro Zone, will reveal one of the key economic indicators – German Ifo Business Climate on September 24 at 11:00 MT time.
The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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