Germany’s Scholz: Economy developing better than expected

In response to the upbeat German final Q2 GDP print and IFO Survey, the country’s Finance Minister Olaf Scholtz said that the economy is developing better than expected.

He said that he is confident we can agree internationally in autumn on blueprints for taxation of the digital economy and on minimal taxation.

Last week, Scholz proposed a EUR10 billion job subsidy extension plan.

Market reaction

EUR/USD is off the 1.1843 highs but trades with sizeable gains amid better German data and broad US dollar weakness.

At the press time, the spot adds 0.43% to trade at 1.1838.