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Germany’s BGA trade association, in its latest report, cut its forecast for 2019 German export growth, in the face of the latest US tariffs on the EU imports and lingering Brexit uncertainty.

Key Points (via Reuters):

Expects a maximum of 0.5% growth in German exports in 2019 vs. 1.5% previously.

Sees imports growing 2% in 2019, the trade situation will only improve in H2 2020 at earliest.

US president’s policies caught the German economy off guard and Brexit is making longer-term planning impossible for companies.

EUR/USD is holding onto gains just below the 1.10 handle, awaiting fresh catalyst for the next push higher.