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German Consumer Confidence Projected to be Steady in October

German Consumer Confidence Projected to be Steady in October

Benjamin Spier, Technical Strategist

THE TAKEAWAY: GFK German Consumer Confidence Remains at 5.9 in October -> Investors continue to look for signs of an improving German economy -> Euro trading lower in today’s session

German consumer confidence will remain unchanged in October according to a GFK survey. The consumer confidence survey was reported at 5.9, as expected, and the survey’s result remained steady with the current yearly high. GFK’s survey of economic expectations rose to -17.2 in September, while income expectations dropped to 23.9.

German economic expansion slowed in the second quarter to 0.3% from 0.5% in Q1, as the Euro debt crisis has negatively impacted the German economy. Signs of an improving German economy could be positive for the Euro.

The Euro did not significantly react to the as expected survey result, and continued the session’s earlier decline. EURUSD fell below 1.2900 in today’s trading and set a new weekly low at 1.2885. A previous rising trend line from July could now provide support near 1.2820.

EURUSD 15-minute: September 25, 2012

German_Consumer_Confidence_Projected_to_be_Steady_in_October_body_eurusd_daily_chart.png, German Consumer Confidence Projected to be Steady in October

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.