German import prices rise
Import prices in Germany have continued to rise, gaining 0.4% in the month to June, setting the German economy on track for an annual decline of -11.3%. German consumer confidence has also risen for the third month in a row, as has business confidence, adding to hopes that Germany may be shaking off the worst of the recession.
Germany is the largest economy in the eurozone and as such, is crucial to economic recovery. The German Bundesbank predicts a "slight" contraction for the second quarter after the record 3.8% economic contraction in the first three months of the year. German prices have fallen due to a combination of record low interest rates and lower energy prices.
Foreign exchange rates for the euro are currently at USD1.4288 and GBP0.8658.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.