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COPPER TECHS

(Z1) Heading South Within The Bear Channel

BRAZIL

Solution To Precatorios Still Sought After

STIR

Effective Fed Funds Rate

JPY

USDJPY test session low

LATAM FX

Price Signal Summary: USD Uptrend Still Intact

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GERMANY FLASH Q2 GDP +1.5% Q/Q SA, -9.2% Y/Y WDA

GERMANY Q1 GDP -2.1% Q/Q, -3.1% Y/Y

  • The German economy expanded by 1.5% in Q2, coming below market expectations (BBG: +2.2%).
  • While Apr was characterized by strict restrictions, May and June saw a rapid loosening of restrictions, which provided a boost to business activity.
  • Q1 growth was revised down to -2.1% q/q from -1.8% reported previously.
  • The annual rate surged to 9.2% in Q2, after falling by 3.1% in the previous quarter, reflecting the sharp decline seen in Q2 2020.
  • Compared to Q4 2019, the last quarter before the crisis, GDP is still 3.4% lower in Q2 2021.
  • Destatis noted that Q2's increase was mainly driven by private and government consumption.