#The euro remains under downward pressure
The euro (EUR) was moving sideways on Monday due to the U.S. bank holiday.
#Possible effects for traders
According to Bundesbank's monthly report on Monday, Germany is probably experiencing a recession: external demand is weak, consumer behaviour is hesitant, and domestic investment is suppressed due to high borrowing costs. Growing energy prices have been challenging for Germany. Its industrial economy has been stagnant or declining for 4 consecutive quarters, impacting the entire eurozone. 'There is still no recovery for the German economy,' stated analysts at the Bundesbank. '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,' they noted.
#Despite a shrink in the economy, the German government considers the current downturn temporary, influenced by unique challenges rather than fundamental flaws in economic strategy. According to Bundesbank, economic weakness in Germany is expected to persist with declining foreign industrial demand and reduced investment due to higher financing costs. However, the Bundesbank doesn't think Red Sea shipping disruptions will significantly affect the economy. Moreover, the labour market is expected to remain relatively stable, preventing a severe recession.
#In the Asian trading hours, EURUSD experienced a decline but rose in the early hours of the European session. Today, the economic calendar lacks significant events, so trading activity will likely increase only later this week. EURUSD rebounded from the support level of 1.07000 and is currently in a local bullish trend. However, fundamentally, the euro is still under pressure. EURUSD has been weakening since the beginning of the year, and there is no strong momentum to reverse the trend.
The euro (EUR) was moving sideways on Monday due to the U.S. bank holiday.
#Possible effects for traders
According to Bundesbank's monthly report on Monday, Germany is probably experiencing a recession: external demand is weak, consumer behaviour is hesitant, and domestic investment is suppressed due to high borrowing costs. Growing energy prices have been challenging for Germany. Its industrial economy has been stagnant or declining for 4 consecutive quarters, impacting the entire eurozone. 'There is still no recovery for the German economy,' stated analysts at the Bundesbank. '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,' they noted.
#Despite a shrink in the economy, the German government considers the current downturn temporary, influenced by unique challenges rather than fundamental flaws in economic strategy. According to Bundesbank, economic weakness in Germany is expected to persist with declining foreign industrial demand and reduced investment due to higher financing costs. However, the Bundesbank doesn't think Red Sea shipping disruptions will significantly affect the economy. Moreover, the labour market is expected to remain relatively stable, preventing a severe recession.
#In the Asian trading hours, EURUSD experienced a decline but rose in the early hours of the European session. Today, the economic calendar lacks significant events, so trading activity will likely increase only later this week. EURUSD rebounded from the support level of 1.07000 and is currently in a local bullish trend. However, fundamentally, the euro is still under pressure. EURUSD has been weakening since the beginning of the year, and there is no strong momentum to reverse the trend.
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CADJPY SELL NOW
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