Germany's Bundesbank: Germany likely in recession now
Source Fxstreet
In its monthly report published on Monday, Germany's Bundesbank said that Germany is likely in recession now, citing weak external demand, muted consumption and cautious investments.
"There is still no recovery for the German economy," the publication read. "Output could decline again slightly in the first quarter of 2024. With the second consecutive decline in economic output, the German economy would be in a technical recession."
Market reaction
EUR/USD pair showed no immediate reaction and was last seen trading modestly higher on the day at 1.0780.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Solana (SOL) price trades in green, above $242 at the time of writing on Monday, after breaking out of a parallel channel last week with bulls aiming for record highs.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) hover around key levels after recovering by nearly 4%, 7%, and 6%, respectively, last week.
Gold (XAU/USD) retreats slightly after touching a fresh record high, around the $3,689-3,690 region during the Asian session on Tuesday, amid some repositioning trade ahead of key central bank events.
The USD/CHF pair falls sharply to near 0.7915 during the European trading session on Tuesday.
The US Dollar (USD) stays under modest bearish pressure early Tuesday as investors adjust their positions ahead of the Federal Reserve's critical two-day policy meeting.
