Gfk German Consumer Climate Released

The Gfk German Consumer Climate came out at 2.4 from the previous 2.6.  A slight drop to 2.5 was forecast for this release.

The EUR was softening up into this number and was largely unchanged after.

German Ministry of Finance Comments

German MoF: Economic contraction in Germany has gained momentum in Q1

German PPI Released

The German PPI came out at -0.5% from the previous -1.2%.  A rise to -0.2% was forecast.

The EUR ignored this data as it firmed up slightly following this data.

Comments From Germany

German Fin Min: Reiterates that might have to further lower 2009 GDP forecast of -2.25%
- Note: Back on Mar 18, Germany’s Deputy Economic Minister said that the government may slightly lower its 2009 GDP forecast of -2.25%.

Germany PM Merkel: Need to let current stimulus package work through economy; against additional stimulus at this time
- Must have sound fiscal policies once the economic crisis passes
- US has never implemented basel II, which has led to competitive distortions

German and EUROZONE ZEW Economic Sentiment Released

The German and EU ZEW Economic Sentiment both beat expectations:

The German ZEW Economic Sentiment came out at -3.5 from the previous -5.8.  A drop to -7.7 was forecast.

The EU ZEW Economic Sentiment came out at -6.5 from the previous -8.7.   A drop to -11.7 was forecast.

The EUR got a nice bounce and firmed across the board following this data.

(GE) ZEW: ECB rate cuts and lower commodity prices could explain optimism
- Bottom of recession likely to be reached this summer
- Econ situation is bad, but first signs of hope are emerging

(GE) ZEW Franz: Economy likely to hit bottom by mid year
- recent ECB interest rate cut and lower commodity prices are helping

Finance Ministers on the Wire

• Greece’s Finance Minister Papathanassiou said the government faces no problems refinancing to meet its budget needs. The finance minister was looking to remove concerns about his country, more than half of Greece’s financing needs have been covered so far in 2009. (Pro Euro)
• Germany’s Finance Minister reflected concern that the recent pledge by tax havens to open up are tactical, even if they are a “positive development.” Germany plans to continue to press for international measures to deal with bank secrecy and offshore tax havens.
• Japan’s Finance Minister Yosano commented that Japan and the global economy are on the verge of a deflationary spiral. Last week Yosano urged global leaders to address the threat of deflation.

German Wholesale Price Index Released

The German WPI came out at -0.1% from the previous -0.4%.  A rise to 0.2% was forecast.

The EUR is currently softening up a bit as the EURCHF is giving back some of its earlier gains.

German Industrial Production Released

German Industrial Production came out at -7.5% from the previous -3.9%.  A rise to -3.3% was forecast.

Despite further poor info out of Germany, the EUR was largely unchanged.

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