Following German business sentiment figures on Monday, German consumer confidence was in focus this morning.
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Consumer Sentiment
For August, the GfK Consumer Confidence Index held steady at -0.30. Economists had forecast a decline to -2.0.
According to the GfK survey,
- Following a 10-year high, economic expectations moderated in July, falling by 3.8 points to 54.6.
- Income expectations slipped by 5.1 points to 29 points, which was still up 10 points year-on-year.
- By contrast, the propensity to buy was on the rise, increasing by 1.4 points to 14.8. In spite of the rise, consumption propensity was still down by almost 28 points year-on-year.
Market Impact
Ahead of today’s consumer sentiment figures, the EUR had risen from a pre-stat low $1.18125 to a pre-stat high $1.18276.
In response to today’s stats, the EUR rose to a post-stat and current day high $1.18306 before falling to a post-stat and current day low $1.17919.
At the time of writing, the EUR was down by 0.20% to $1.17923.
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