Global macro overview for 26/09/2018
German public debt at the end of the second quarter of 2018 amounted to 1934.4 billion, or 2.3 percent. and 46.5 billion euros less than a year earlier – announced on Wednesday the German Federal Statistical Office (Destatis). This is all the claims against federal authorities, federal states, municipal entities and their associations, and social security funds. In comparison with the first quarter of this year, this amount fell by EUR 14.7 billion, ie by 0.8%.
The federal debt has decreased from the second quarter of 2017 by 21.0 billion euros, or 1.7%, to 1 trillion 223 billion euros. On the other hand, the total financial liabilities of the federal states were at the end of the second quarter of this year. 574.5 billion euros, which means a reduction of 3.6% in 12 months. and 21.4 billion euros.
The level of municipal debt decreased by 2.9 percent compared to the end of the second quarter of last year. and 4.1 billion euros, to 136.5 billion euros. Social insurance at the same time reduced its debts to EUR 403 million, or 7.1% and 31 million euros.
Let’s now take a look at the EUR/GBP technical picture at the H4 time frame. The bulls have managed to break through the trendline and made a new local high at the level of 0.8994, which is bigger than a recent correction to the upside. Then the market retraced towards the level of 0.8900 and currently is trading below the trendline again. The next important technical support is seen at the level of 0.8847, which might be hit soon as the market conditions are now overbought and the momentum is neutral to negative.