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Euro May Fall on German IFO Data After PMIs Sent Chilling Message

Euro May Fall on German IFO Data After PMIs Sent Chilling Message

Dimitri Zabelin, Analyst

Euro, German IFO Data, Eurozone PMIs – TALKING POINTS

  • Euro may fall after release of German IFO data
  • Eurozone PMI data sends an alarming message
  • What are key takeaways from Draghi hearing?

Learn how to use political-risk analysis in your trading strategy!

The Euro may fall if German IFO data amplifies growing fears about European growth prospects after the publication of regional PMI data sent a chilling message out to financial markets. ECB President Mario Draghi – soon to be replaced by IMF Director Christine Lagarde – was questioned in front of the European Parliament and gave an alarming assessment of the current conditions and outlook.

Mr. Draghi acknowledged that risks continue to tilt to the downside, citing global uncertainty and unstable trade relations as a key cause behind weakening manufacturing data. He also mentioned emerging markets, geopolitics and protectionism as major sources of angst contributing to muted inflationary pressures. He stressed the need for highly accommodative policy for prolonged periods of time.

He said the ECB will adjust all instrument if the circumstances warranted it and emphasized that fiscal policy has to become a bigger factor in boosting regional growth. However, this puts Germany – the largest Eurozone economy – in a tricky spot after Chancellor Angela Merkel said the government will not deficit spend. Berlin has always preached and practiced fiscal prudency, though the current economic trajectory suggests they may have to break one of their must fundamental rules.

Chart of the Day: German IFO Business Expectations at Lowest Point Since 2008 Financial Crisis

Chart showing German IFO Business Expectations

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--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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