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Bundesbank sees German economy at start of strong upswing

Bloomberg reports that the Bundesbank said that Germany’s economy is poised for a strong upswing in the second half of this year, with activity likely to reach pre-crisis levels as soon as this summer.

The central bank’s updated projections are more optimistic than in December. They see Europe’s largest economy expanding 3.7% this year and 5.2% in 2022.

“The German economy is overcoming the coronavirus crisis. The pandemic’s containment “will result in substantial catch-up effects, primarily in private consumption as well as in services sectors that had been impacted especially hard by the measures,” Bundesbank President Jens Weidmann said. 

On Thursday, the European Central Bank renewed a pledge to deliver faster bond buying even as it revised higher its own forecasts for the euro-area economy. It also proclaimed for the first time since December 2018 that risks for the region’s outlook are “broadly balanced.”

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Time Country Event Period Previous value Forecast 04:30 (GMT) Japan Industrial Production (YoY)
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Pare Closed Change, % AUDUSD 0.77016 -0.62
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Key events for next week: US retail sales, UK, Canada and Japan consumer price index, Fed, SNB and Bank of Japan interest rate decision, Australia unemployment rate
On Monday, at 04:30 GMT, Japan will announce a change in industrial production for April. At 06:30 GMT, Switzerland will present the producer and import price index for May. At 09:00 GMT, the euro zone will report the change in industrial production for April. At 13:00 GMT, in Britain, the head of the Bank of England Bailey will give a speech. At 22:45 GMT, New Zealand will announce the change in food prices for May.On Tuesday, at 01:30 GMT in Australia, the RBA Meeting's Minutes will be
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