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In its recently published monthly report, the Bundesbank noted that the overall economic performance could again decline slightly.

“The main reason for this is the continuing downturn in the industry,” the central bank explained, as reported by Reuters. “While domestic consumption continues to isolate the economy, the jobs market is already showing signs of weakness and confidence in the services sector is also dropping.”

The EUR/USD pair’s reaction to the Bundesbank report was relatively muted. As of writing, the pair was trading at 1.1105, adding 0.15% on a daily basis.