Germany cutting stimulus checks?

The Handelsblatt, Germany’s biggest business newspaper, says the government is exploring issuing EUR 500 “consumption vouchers”. A government spokesman calls the report “nonsense”, according to Reuters.

Earlier today the Ifo survey tumbled to a 15 year low, showing the German economy continues to slow rapidly. Whether stimulus comes in the form of vouchers, it will come.

EUR/USD is consolidating gains around 1.2880, less than 20 pips below session highs. Equities are quote firm, adding to the gains from late Friday.