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Forex pairs in this Article » (Barcelona) - Analysts at Brown Brothers Harriman see that the German economy has stalled slightly in Q4.

They note that yesterday's data included news that German exports have fallen in two of the past three months through November, and three of the past five months. They write, "Germany, like Sweden, Switzerland and China, exports about 40% of GDP. The slowing of exports filtered into yesterday's reported weakness in factory orders (-1.8% m/m in November and -1% y/y) and into today's industrial output report (0.2% increase in November compared with expectations of a 1% increase). The y/y pace has not been positive in the second half of last year."
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