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Fundamental Forex Analysis

Germany’s IFO sees widespread layoffs in coronavirus crisis

The findings of the latest survey conducted by Germany’s influential IFO institute showed on Monday that a majority of the sectors cut jobs last month, in the face of the coronavirus pandemic induced lockdown and stall in the business activity.

Key points

39% of German companies in the auto industry decided to cut jobs in April.

50% of companies in hotels, 58% in restaurants business, 43% in travel agencies decided to cut jobs last month.

Higher than average layoffs were also being made in many other sectors but none in pharmaceuticals.

Klaus Wohlrabe, Head of surveys, noted: “From now on, the crisis will have an impact on the German labor market.” 

EUR/USD unfazed     

The shared currency is little change despite the downbeat survey findings, as EUR/USD defends bids around 1.0845 ahead of the European open.

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