All attention to Euro
EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!
Germany’s February industrial output leaps
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.
Similar
US dollar turned up after closing in red yesterday
The market sentiment is mixed, but there are still interesting movements on the market.
Risk-on is back on the market
The market sentiment has switched to risk-on, driving upwards stocks and riskier currencies and weighing on the US dollar.
Latest news
EUR dropped as Covid-19 engulfed Europe
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Is the Canadian economy recovering?
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The ECB is going to move the euro
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.
Deposit with your local payment systems
