The euro fell against the dollar..! Germany in economic crisis

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Berlin: The euro declined on Thursday as Europe’s largest economy Germany fell into recession.

Germany’s economy shrank slightly in the first quarter and is thus in recession after negative growth in the fourth quarter of 2022.

“We’ve seen some very different cross-Atlantic macro data this week, and while Germany is not euro, momentum in the economy is surprisingly weak,” said Danske Bank’s Melin. The market has taken a rate cut from the Fed. As the most aggressive this year. This has turned in the last two weeks, supported largely by the dollar.

On the other hand, Chinese yuan The offshore market fell to a six-month low of 7.0903 per dollar. The Australian dollar has been hit hard by economic weakness in China due to its close trade ties.