Confidence across France and Italy defies gravity providing EUR support.
Following a string of stats from Germany, French consumer and Italian business and consumer confidence figures were in focus this morning.
In November, French Consumer Confidence held steady at 99 versus a forecasted decline to 98. The numbers were steady in spite of a marked deterioration in confidence in Germany and across the euro bloc.
According to insee.fr,
Interestingly, households considering that prices will be on the rise during the next 12-months fell by 13 points.
While French consumer confidence held steady, consumer confidence in Italy weakened slightly from 118.4 to 117.5. By contrast, however, business confidence picked up from 115.1 to 116.0.
Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.12061 before finding support.
In response today’s stats, the EUR rose to a post-release and current day high $1.12790.
At the time of writing, the EUR was up by 0.50% to $1.12651.
ECB member Panetta speaks.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.