Klaus Wohlrabe, Economist at Germany’s influential IFO institute, said on Friday, the industrial production is expected to increase in the coming three months.
The industrial sector in Germany is likely to extend the upturn following the contraction due to the coronavirus pandemic-induced lockdown.
Wohlrabe noted: “The industrial sector is continuing to work its way out of the trough in production.”
His comments come after the institute published a survey showing that the mood among industrial companies improved for a third straight month in July.
Its worth noting that Germany reported 1147 new virus infections on Friday, the second straight day the news cases topped 1000 mark.
EUR/USD is off the lows, nursing 0.27% losses at 1.1842, at the press time. Broad US dollar comeback amid escalating US-China tech war dragged the spot lower.
EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed.
GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world’s two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.
Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high.
Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.
Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.
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