Bundesbank President Nagel expects German growth to accelerate in Q4, though he warns the recovery is not yet broad-based as EUR/USD slips 0.15% to 1.1140 amid US Dollar strength.
During ECB's Nagel's remarks on November 11, EUR/USD fell 0.15% to near 1.1140. The article attributes the decline to an upside move in the US Dollar rather than the Euro itself, so the bearish move on the pair is partly a USD story, which limits confidence.
Bundesbank President Nagel said interim assessments point to a stronger German recovery than expected in the summer, with growth likely to accelerate in Q4. Stronger growth data supports the Euro, though he cautioned the recovery is not broad-based, with subdued private consumption and declining machinery investment.
Bundesbank President Joachim Nagel signaled optimism for German economic growth in the fourth quarter, noting a recovery stronger than summer forecasts. Despite this outlook, Nagel cautioned that the rebound remains narrow, citing subdued private consumption and declining investment in machinery and equipment during the second quarter.
The pair fell 0.15% to near 1.1140 during the remarks, but the article says the decline appears to stem from an upside move in the US Dollar rather than from the Euro side.
He said interim assessments point to a stronger recovery than expected in the summer and growth is likely to accelerate in the fourth quarter, but the recovery is not yet broad-based, with subdued private consumption and declining investment in machinery and equipment.