Euro Declines Despite Improved German Consumer Confidence

January 29, 2013

German consumer confidence will rise in February from a 7-month low, according to the GFK survey. The survey result was reported at 5.8, slightly higher than an expected 5.7 and better than January’s revised 5.7 survey result.

In January, the business expectations survey rose to -11.3 from a previous -17.9, while the willingness to buy survey result rose to 36.0 from 21.2, according to GFK.

The German economy has been suffering from the Euro debt crisis along with the rest of the region, and the economy only grew 0.7% in 2012, down from 3.0% growth in 2011. The ECB has forecasted that the Euro-zone economy will begin to recover later in 2013, which should also help improve growth in the German economy. A rise in the rate of German GDP growth would be Euro positive.

However, the Euro did not significantly react to the better than expected survey result and instead dropped below 1.3450 in trading against the US Dollar. EUR/USD set a new 11-month high in Forex trading on Friday at 1.3479, which may now provide resistance. Support may be provided by a broken resistance level around 1.3380.

EURUSD Daily: January 29, 2013

Publication source
FXCM information  FXCM reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

Exness Rating
NPBFX Rating
FOREX.com Rating
Larson&Holz IT Ltd Rating
XM Rating
Fort Financial Services Rating

TopOption Rating
Migesco Rating
OptionTrade Rating
99Binary Rating
Empire Option Rating
TropicalTrade Rating