IFO economist Wohlrabe: Sees quarterly economic growth of 0.2% in Q1, recession looking unlikely

• Capacity utilisation of German industry is rising along with output
• Exporters are optimistic, do not fear a currency war, but could be a problem if one develops

EUR/USD’s now plugging fresh highs of 1.3442 after the IFO release. Barrier looms at 1.3450 and another behind at 1.3500