Germany's BDI warned of an inevitable recession in Europe’s largest economy, in the face of a halt in Russian gas deliveries.
Additional takeaways
The industry association slashed its economic forecast for 2022 on Tuesday.
German GDP is now expected to grow by 1.5% vs. the 3.5% previous forecast given before war broke out in Ukraine.
A return to pre-crisis levels is not expected before the end of the year at the soonest.
Market reaction
EUR/USD is catching a fresh bid above 1.0500 in the last minutes, shrugging off the dire German economic outlook. The pair is adding 0.20% on the day to trade at 1.0527, as of writing.
