Euro Rises, Dollar Dips as Germany's Economic Outlook Deteriorates
The dollar has dipped slightly, trading at 0.8029 francs, while the euro has risen to 1.1582 dollars. Meanwhile, the ZEW Institute reports a further deterioration in Germany's economic outlook, though economists' expectations have brightened slightly. In France, Prime Minister Sébastien Lecornu has suspended the pension reform, delaying the retirement age increase.
Thomas Gitzel, chief economist of VP Bank, has warned that recent trade disputes between China and the US could negatively impact German exports next month. The assessment of Germany's current economic situation has indeed worsened, according to the ZEW Institute's data. However, economists' expectations have brightened less than expected in October, with the ZEW Institute's sentiment index rising slightly.
The new Finance Minister of Germany, Lars Klingbeil, is now responsible for overseeing economic development related to Germany's improved export balance. Despite this, sentiment data from Germany had little impact on the foreign exchange market. The euro-franc pair has remained around the 93 rappe mark at 0.9299 francs, with the dollar trading at 0.8029 francs, down from 0.8038 at midday and similar to the morning's 0.8028.
The suspension of the pension reform in France aligns with a key demand of the Socialists, whose support is crucial for the government's survival. While the impact on German exports remains a concern, the slight brightening of economists' expectations offers a glimmer of hope for the German economy.
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