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According to analysts at TD Securities German IP isn’t typically a big market-mover, but may be watched a bit more closely than usual this month after surprising to the downside for 3 of the last 4 months, and casting some doubts around the scope of the Q2 growth rebound that the ECB is looking for.

Key Quotes

“After yesterday’s factory orders report, we’ve revised our forecast from a small decline to a small increase of 0.6%, leaving us slightly above consensus and feeling a bit better about the prospects for German growth in Q2.”