German Consumer Sentiment Delivers Little EUR Comfort

It’s a been a quiet start to the week on the Eurozone economic calendar.

Economic data has been limited to today’s German consumer sentiment figures in the early part of the week.

Consumer Sentiment

In October, the GfK Consumer Climate Index climbed from a revised -1.4 to +0.3 versus a forecasted -1.6.

According to the GfK survey,

• Both economic and income expectations were on the rise, along with propensity to buy.
• The economic expectations indicator rose by 7.7 points to 48.5 points. As a result, the indicator was up 24 points when compared with the same month of last year.
• For the income expectations indicator, a 6.9-point increase took the indicator up to 37.4 points. A higher value was last measured at 41.2 points in February 2020.
• The propensity to buy indicator saw a more modest 3.1 points increase in the month, however.
• As a result, consumer sentiment is higher than it has been for the last year and a half.
• A higher value was last measured in April 2020, at 2.3 points.

Market Impact

Ahead of today’s figures, the EUR had risen to a pre-stat and current day high $1.17034 before hitting reverse.

In response to today’s stats, the EUR rose to a post-stat high $1.17014 before falling to post-stat and current day low $1.16723.

At the time of writing, the EUR was down by 0.14% to $1.16796.

Next Up

U.S consumer confidence figures for April. On the monetary policy front, ECB President Lagarde and FED Chair Powell are also scheduled to speak…