German Economy Ministry: Economic recovery at full swing at end of Q2

The economic recovery remains at full swing at end of Q2, the German Economy Ministry said in its monthly report published on Wednesday.

Key quotes

“Outlook for the industrial sector as a whole remains positive.”

“Supply bottlenecks for intermediate products have dampening effect.”

“But it does not affect positive dynamics of the overall economy.”

Market reaction

EUR/USD is consolidating its recovery below 1.1800, vulnerable to more losses, as investors await the US PPI and Fed Chair Jerome Powell’s testimony.

At the press time, the pair is trading at 1.1782, up 0.08% on the day.