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The latest survey conducted by Germany’s influential IFO institute showed on Thursday, the workers in the German countries, who have been on shortened working hours, are gradually reducing in the construction, services and retail sectors.

The IFO survey showed: In July, 42% of companies surveyed were still taking advantage of the Kurzarbeit furlough scheme, down from 46% in June and 53% in May.

On Tuesday, the institute said that the exports expectations for Europe’s economic powerhouse improved sharply in July.

This comes ahead of the country’s preliminary Q2 GDP data due on the cards later in the European session at 0800 GMT.

Market reaction

EUR/USD flirts with lows near 1.1760 on the above findings, mainly driven by a broad rebound in the US dollar.