| The euro didn’t show much of a reaction to European data today, though most of it was positive for the currency. German consumer confidence rose to a 15-month high in September, as indicated by the GfK index, which increased to 3.7 from a revised 3.4 in August. The breakdown of the report showed income expectations jumped from 1.8 in July to 8.38 in August, largely due to the government’s second quarter stimulus measures, while the gauge measuring consumers’ willingness to buy increased from 25.1 to 31.1 in August. Adding to the mix, the preliminary reading of German CPI rose 0.2 percent in August, leading the annual rate of growth up to 0.0 percent from -0.5 percent. That said, the afternoon dive in the US dollar helped propel EURUSD higher once again, which may open the day up for a test of the 2009 highs.
Related Article: Euro Weekly Trading Forecast |
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