Tim Riddell, analyst at Westpac, notes that dismal Eurozone PMIs were affirmed with weakness notable across national PMIs in addition to the slump in Germany. Key Quotes “Germany’s leading Economic Research Institutes have now jointly lowered growth forecasts to 0.5%y/y for 2019 (from +0.8% in their spring report) indicating a technical recession for mid-2019. 2020 growth was also lowered to 1.1%y/y (from 1.8%). They see the risk of a disorderly Brexit as impacting German growth by -0.4% and so the outlook could deteriorate further.” “However, Germany’s Finance Ministry remains opposed to fiscal loosening despite the economy slipping into recession and in the face of pleas for fiscal support from departing ECB President Draghi.” “The German Institute warn that it is only the consumer that is holding the economy from a cross sector depression. If next week’s retail and factory order data weaken further pressure for fiscal support may prove too great to ignore.” “Although economic prospects in the US are also being marked lower and yield spreads are turning less EUR/USD-negative, the pair is still struggling. Pressure persists to define a lower trading range, potentially 1.07-1.11.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US-China trade talks: Fingers crossed – ING FX Street 3 years Tim Riddell, analyst at Westpac, notes that dismal Eurozone PMIs were affirmed with weakness notable across national PMIs in addition to the slump in Germany. Key Quotes "Germany's leading Economic Research Institutes have now jointly lowered growth forecasts to 0.5%y/y for 2019 (from +0.8% in their spring report) indicating a technical recession for mid-2019. 2020 growth was also lowered to 1.1%y/y (from 1.8%). They see the risk of a disorderly Brexit as impacting German growth by -0.4% and so the outlook could deteriorate further." "However, Germany's Finance Ministry remains opposed to fiscal loosening despite the economy slipping into recession and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
