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Fundamental Forex Analysis

We haven’t yet reached economic trough

We haven’t yet reached economic trough”, said the German Economy Minister Peter Altmaier on Thursday.

Key quotes

“There is light at end of tunnel.”

“Aim is for us to return to growth in H2.”

“Aim is that at the latest in H2 2022 we should reach pre-crisis level.”

“Stick to current 2020 forecast of 6.3% decline in GDP.”

“We want to make it possible for consumers to make decisions on bigger purchases now.”

On hydrogen strategy, “it will be presented before summer break.”

“Think we will return to reducing new debt during term in office.”

Market reaction

EUR/USD is battling 1.1200 amid a record drop in the Eurozone Retail Sales and increased anxiety ahead of the European Central Bank (ECB) monetary policy decision due at 1145 GMT.

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