Disappointing economic data from Germany fails to sink the EUR. The ECB monetary policy meeting minutes and ECB President Lagarde may have a bigger impact...
Following November’s prelim private sector PMIs and German business sentiment numbers, GDP and consumer sentiment figures from Germany were in focus this morning.
In the 3rd quarter, the German economy expanded by 1.7% quarter-on-quarter, according to 2nd estimate figures. This was down from a prelim 1.8% and a 2nd quarter 2.0%.
According to Destatis,
Consumer sentiment figures also disappointed, with the GfK consumer climate index falling from +1.0 to -1.6. Economists had forecast a decline to -0.5.
According to the November survey,
Ahead of today’s stats, the EUR had fallen to a pre-stat and current day low $1.11969 before finding support.
In response today’s business sentiment figures, the EUR rose to a post-release and current day high $1.12203.
At the time of writing, the EUR was up by 0.19% to $1.12203.
With the U.S markets closed for Thanksgiving, there are no stats from the U.S to influence later in the day.
The ECB’s monetary policy meeting minutes and ECB President Lagarde will draw attention, however.
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.