The German Finance Ministry’s monthly report, out early Thursday in Asia, portrayed quite a dovish scenario of Eurozone’s largest economy while relying on early indicators to industrial production and employment numbers.
Key quotes
- Early indicators pointed to a sustained slowdown in the industrial sector.
- Export-oriented manufacturers suffering from weaker foreign demand.
- Growing trade tensions.
- Uncertainty over Brexit.
- External risks have increased significantly and are fuelling business uncertainty.
- Forward-looking indicators were pointing to a further slowdown in employment growth, especially in manufacturing.
FX implications
As news like this has higher impact during the European session than the Asian one, the Euro (EUR) may witness a downside pressure on the market open.
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