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Currencies - Aug 27 2021 01:44:24pm
By David Moore
The Euro US Dollar (EUR/USD) exchange rate fell today following the publication of September’s German GfK consumer confidence survey, which fell below forecasts from -0.4 to -1.2. The pairing is currently trading around $1.17.
Rolf Bürkl, a GfK consumer expert, commented on the latest data:
Significant higher incidence values, a slowdown in vaccination momentum, and discussions about how to deal with unvaccinated individuals in the future have caused noticeable uncertainty among consumers in Germany. They fear that restrictions could even be tightened again. This is obviously depressing consumer sentiment right now.
Fading German consumer confidence has weighed on the Euro to US Dollar exchange rate, with many EUR traders concerned about the outlook for the Eurozone’s largest economy.
The latest German IFO business climate index also fell below expectations in August, raising concerns about the nation’s economic momentum.
This week also saw dovish comments from European Central Bank (ECB) chief economist, Philip Lane, who said it might be ‘too early’ for the bank to end its pandemic-era stimulus measures next month.
As a result, the single currency has suffered from fading optimism in the Eurozone economy.