German IFO’s Economist: Economy is in the toughest time since reunification

Following the release of the final German IFO Business Survey, the institute’s Economist said that the economy is in the toughest time since reunification.

Further comments

Sentiment at German companies is catastrophic.

There will likely be no v-shaped recovery.    

There will be signs of economic recovery from mid-year at earliest.

Meanwhile, EUR/USD keeps its recovery mode intact from four-week lows of 1.0727, now trading at 1.0745, losing 0.28% so far.