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In a statement released on Monday, Dec 8th, German Economic Ministry said that Britain's decision to leave the European Union, unpredictable U.S. policy under president-elect Donald Trump, and political uncertainty in Italy are key risks facing the German economy.
However, it added that despite the risks, it expects gowth in Europe's largest economy to pick up in the fourth quarter after a slowdown in the previous quarter. It noted that a robust labor market is continuing to sustain private consumption, which has been propping up the economy as exports wane.
"Uncertainties remain high, however, not least because of Brexit, the unpredictability of future U.S. policy, and the political situation in Italy," the ministry said in its monthly report.
The Economy Ministry added that despite those risks, the global economic environment seems to be gradually brightening up, especially as emerging markets like Brazil and Russia are expected to exit recessions, which will benefit German exports.
FxWirePro's Hourly Currency Strength Index at 1200 GMT showed EUR strength was at -96.4879 (Slightly bullish). For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
