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The US-based global rating agency, Moody’s Investors Service, revised down their outlook on the German banking system, with the key highlights found below.

“The creditworthiness of German banks is set to decline.”

“Deposits are proving to be costly for German banks.”

“German banks’ profitability to weaken in a low-interest rate environment.”

EUR/USD continues to trade around a flat line near 1.1075, as the shared currency shruggs-off the above report and awaits the ECB minutes amid looming trade uncertainty.