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- German Economy Ministry: Recession to span three quarters in a row, starting in Q3 2022
German Economy Ministry: Recession to span three quarters in a row, starting in Q3 2022
Germany’s Economy Ministry said in a statement on Friday that the “government expects recession spanning three quarters in a row, starting in Q3 2022.”
“Economic indicators suggest the German economy is facing a difficult winter,” the Ministry added.
Market reaction
EUR/USD is extending losses below 0.9750, in the face of the renewed US dollar strengh and jittery market environment. The spot is down 0.23% on the day. The US Retail Sales and Consumer Sentiment data are awaited for fresh trading opportunities in the main currency pair.
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