German Council of Economic Experts sees economy contracting by 5.5%

The German Council of Economic Experts expects the German economy to contract by 5.5% in 2020, Reuters reported on Wednesday, citing the German newspaper Die Zeit.

Head of the council further added that event that forecast was optimistic.

Market reaction

This headline had little to no impact on the market sentiment. As of writing, Germany's DAX 30 Index was up 0.93% on the day at 10,345 points and the EUR/USD pair was trading at fresh daily highs near the 1.0880 handle.