Euro Kept Afloat by German Economic Recovery
EUR had seen much-needed gains, following news of German economic recovery, paired with hopes of further economy stimulus in the near future.
German factory orders have risen 10.4% in May, with demand rebounding after quarantine restriction lifting.
“After two devastating months, today’s increase is the largest monthly increase ever, but even after today’s increase, order books are some 30% below the first quarter levels. Today’s industrial orders data brings two important messages: the lifting of the lockdown measures has brought V-shaped surges in activity but the return to pre-crisis levels will not be easy,” analysts at ING comment.
Following this, all eyes are on additional stimulus in the face of recovery funds - a decision expected to be made during the meeting of euro finance ministers this week, before the July 17–18 global leaders’ summit.
On existing information, EUR/USD had already gained 0.4%, causing a jump to 1.1294, while EUR/GBP climbed 0.3% to 0.9032.
*The products advertised are only available to clients under Fondex Limited Seychelles (SDL No: SD037).
Cookies on Fondex
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.
You can customize your selection of which cookies you want to accept.
These cookies are necessary for the website to function correctly and cannot be switched off.
Functional cookies allow the website to remember users' preferences and the choices you make on the website such as username, region, and language.
The Company would like to inform you that it will terminate its operations under the "Fondex" brand by 30th of December 2022. If you wish to open a trading account, kindly visit topfx.com.sc