It was this morning that reports came out depicting a rate. It is a point when the two have been witnessed trading at about £0.879. It is not a secret anymore that the COVID-19 pandemic is battering most of the sectors in the economy as governments work on ways to cushion citizens amid the crisis.
The Ifo through a statement has projected a contraction in the German economy, citing a figure of 6.6% in 2020 year-on-year. It is a contraction that has also been blamed on the deadly virus that has caused the shutdown of schools around the globe. Parents are in great discomfort as fingers continue pointing to teachers who are blamed for doing quite little to help learners continue with studies at home. It has been more responsibilities for parents who have suffered job losses and having to put up with uncertainties regarding what the future portends.
The head of economic forecasting at Ifo called, Timo Wollmershaeuser has been quick to comment on the current statistics. He said that there was no hope of getting back to the pre-Corona situation, and the soonest the could get there would probably be towards the end of 2021.
Markets have been seriously battered! Experts describe them as being in the ‘risk-on’ recovery mode, something closely linked to the point that many countries around the globe are considering opening up their economies. It is a lesson these countries have learned from the serious effects of the deadly pandemic which has already claimed so many lives around the world as it continues spreading like bushfire.
Many eyes are focused on Spain and France! There is a great need to hear from them to learn about their respective perspectives regarding the current state of affairs. The lockdown Austria has hurt the citizens there a great deal, but finally, there is some light at the end of the tunnel. That is according to reports that the lockdown could be lifted towards the end of this month.
The Euro faces a major threat and that is considering the migration of investors who seem more inclined to invest in the riskier assets.