More to follow but no real shocks from the Bundesbank in their latest monthly report
- sees German Q2 GDP unchanged from Q1
- construction and factory output declined after Q1
- services industry probably kept expanding in Q2
Industry shifted down a gear. As well as calendar effects, increased geo-political tensions likely to have played a role in this
Considering that the services sector probably expanded further, seasonally and calendar-adjusted real GDP could have kept the same level in Q2 versus Q1
The BUBA being understandably cautious given recent data and world events
EURUSD still pinned around 1.3524
