The EURUSD extended its recovery to 1.0740 in Tuesday’s European trading, with the major currency pair rising as growing optimism for the Fed to reduce interest rates twice this year has increased investors’ risk appetite. The US Dollar Index (DXY), which tracks the greenback’s value against six major currencies, has dropped to 105.40 as demand … Read more
German business morale stagnated in May, with the Ifo institute reporting that the business climate index remained constant at 89.3, falling short of the forecasted improvement. The German economy is expected to have slow progress in its recovery this year, with companies being less satisfied with the current business situation. Despite some sectors recovering, the overall outlook remains cautious.
The German economy grew more than expected in the first quarter, with gross domestic product rising 0.2 per cent. The economy skirted a recession thanks to the construction sector and exports.