Germany's Economic Ministry: Low point has passed and recovery process is just beginning

In its latest report released on Monday, the German Economy Ministry reaffirmed that the economic low point has passed and the road to recovery is underway.

Key headlines

“Industrial production has passed its lowest point.”

“Increase in received orders indicates output will pick up in the coming months.”

“But risks exist particularly in very slack demand from outside the euro area.”

“There will be GDP growth from Q3 onwards.”

Market reaction

Despite the upbeat report, broad-based US dollar recovery dragged the EUR/USD pair down to session lows of 1.1307.

The EUR bulls ignore the above headlines.