Economic contraction will accelerate in Q2, the German Economy Ministry said in a statement following the release of the Q1 growth numbers.
“Recession should have reached its low point in April.”
“Indicators in April don’t show signals of hope.”
“But a turnaround appears palpable at the beginning of May.”
EUR/USD off the highs
On the economic contraction, EUR/USD inched a few pips lower from the daily highs of 1.0820 to now trade at 1.0814, still up 0.08%.