Following the release of the final German IFO Business Survey, the institute’s Economist Klaus Wohlrabe said that “the third wave of coronavirus and bottlenecks in production is subduing the economic recovery. “
Additional quotes
“Upward trend is continuing, but subdued.”
“Industry is booming, but has problems with pre-production.”
“45% of industrial companies complain about problems with pre-production, bottlenecks with semiconductors.”
“Order situation in the industry has improved, also capacity utilization.”
“Exports expectations for industry rose again, companies want to employ more people.”
Market reaction
A tepid bounce in the US dollar index combined with downbeat German IFO data keeps the EUR/USD pair on the back foot below 1.2100.
The spot currently trades at 1.2096, with all eyes now on the US Durable Good data.
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