Sun, June 16, 2024

German Recession Threatens the Euro | Wibestbroker

Wibest – EURGBP: Euro coins.

Upsetting data from the German exports report worried traders to its effect on the single currency. Fortunate for them, the results weren’t enough to push the euro to the losing end in yesterday’s trading.

The euro still gained against other major players in Thursday’s trading. Traders were delighted as the EUR managed to push the USD, GBP, JPY, and CHF in the losing end.

The EUR to USD exchange rate rallied 0.52% or 0.0057 points yesterday. The pair extended its gains from $1.0971 to $1.1034 in Thursday’s sessions.

The EUR CHF pair edged up by 0.26% or 0.0029 points. Meanwhile, the EUR JPY trading pair rose 0.60% or 0.70 points in sessions.

And the EUR GBP, a highly monitored pair, went up by 0.33% or 0.0030 points in sessions. The pair peak from levels £0.8982 to £0.9019 in Thursday’s trading.

The euro took advantage of the pound’s weakness yesterday as traders worry about the upcoming Brexit. But unfortunately for the euro, the German economy is in danger after the Brexit.

Brexit Effect

The highly anticipated Brexit date is fast approaching, and the market is not only concerned for the UK but the whole Eurozone. The British Prime Minister scrambled to set a deal with the European Union, a deal that could make or break both economies.

According to experts, the German economy isn’t also ready for a no-deal Brexit. After its failed recovery attempts this summer, Germany is on the brink of a recession.

With Germany dragging down the Eurozone and the euro, its health could also decisively impact Brexit negotiations.

The country has been one of the Eurozone’s top dogs, but based on past data, the German economy seems to be slowing down. The country’s economic growth began shrinking from April to June, causing a domino effect on the single currency.

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