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18.04.2019: Euro ticks down amid Germany’s economy slowdown (EUR, USD, GBP, GOLD)

Aufrufe: 27
German economic slowdown raises fresh eurozone fears
German economic growth is expected to slow down sharply, according to the forecast of the German government. In the latest blow to the eurozone, Germany’s economy will gain by just 0.5%, which may be the worst indicator among European countries, except Italy. At the moment, Italy is experiencing an economic downturn. After the release of weaker than expected data on German manufacturing PMI, earlier predictions on soon economic recovery failed miserably that upset traders.
Index rose to 44.5 in April from 44.1 in March,while an increase to 45 was expected. This reading is below the level of 50 separating expansion from contraction.
The composite PMI that reflects activity in the manufacturing and services sectors of the eurozone in the eurozone was also worse than predicted. The index fell to 51.3 this month from 51.6 in March. An increase to 51.8 was expected by market participants. Thus, the eurozone economy is set for the worst period in the last 5 years.
The EUR/USD pair dropped to the level of $1.1247, while in the early European trading it consolidated around the area of $1.1300. According to European traders, a sharp decline is due to the growth of the dollar to a 10-day high. It increased rapidly after the release of PMI data, as short-term players holding long positions on the euro,are looking for a way to get rid of the currency on the eve of the Easter weekend. Today, the main pair is trading in a bearish mood. The price of EUR/USD pair may sink to the level of $1.1230.
Strong UK retail sales data gave monumentum to the GBP/USD pair, which grew by 6.7% on year in March. Thus, the sales hit the 2.5 - year high. In addition, it exceedingly beat the forecast of economists who expected an increase of 4.6%. On a monthly basis, the retail sales expanded by 4% in February.
The Bank of England predicts the slowest growth in a decade this year. The rate hike is planned after the elimination of uncertainty over Brexit.
The GBP/USD pair has slightly reduced the losses on the back of unexpected improvement in the data. Then, the downtrend continued. The pound sterling hit the daily low at $1.3003 against the US dollar.
Gold prices are declining. On Monday, the precious metal has lost more than 1% preparing for the fourth weekly decline consecutively, as most markets will be closed on Good Friday on April 19.

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