The data on the business activity in August has been published. The general trend is for indicators to be improving, but at a slower pace. A recession could start in the near future. Investors still hold out hope that the US economy won’t enter a recession. Yesterday, weekly data on the American labour market was also released. The number of initial claims for unemployment benefits was 216.0k. This is lower than the forecasted 234.0k as well as the previous value 229.0k. The number of citizens who receive state assistance has decreased from 1.71 million to 1.67 million. Experts estimated 1.715 millions. This shows that the economy is stable, and could contribute to an increase of interest rates in the US.
EUR/USD
The euro fell on Thursday as Europe's economic outlook continued to deteriorate. Data revealed that German industrial output fell a little more than expected in the month of July. The Ifo Institute said Germany's economy would contract by 0.4% this year, confirming its previous forecasts published in June. Eurostat, the European statistics agency, revised its estimate of the eurozone’s GDP growth to 0.1% for the second quarter.
