According to a survey published by Germany’s high-influential IFO on Monday, the morale of the German exporters deteriorated further in August due to weak global demand.

Key takeaways

“Export expectations slipped further to -6.3 points from -6.0 in July.”

"German exporters continue to struggle with weak global demand.“

"More and more companies are also complaining about being less able to compete at the global level."

Market reaction

EUR/USD was last seen trading at 1.0817, up 0.16% on the day.