The German economy shrank more than expected in the first quarter as coronavirus-related restrictions spurred householders to put more money than ever into savings, data showed on Tuesday.
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German exports rose in April, prompted by increasing trade with the United States, suggesting a continued recovery in Europe's biggest economy. Exports to the United States jumped by 59.9% compared to April last year soon after Germany entered its first lockdown to curb the coronavirus. On the year, exports to China rose by 16% while sales to the United Kingdom rose 64%, the first increase since the beginning of the year and the UK's completion of its departure from the European Union.
EUR/USD Exchange Rate Rises on Rising German Exports in April The Euro to US Dollar exchange rate rose today following the release of the latest German The Euro to US Dollar exchange rate rose today following the release of the latest German export data, which continued its recovery in April despite continued lockdown restrictions. The pairing is currently fluctuating around $1.21.