Consumer confidence in Germany fell for the first time in seven-months as households face fading demands for employment paired with fears of a deepening recession. The GfK index slipped to 2.4 in April from a revised reading of 2.5 in the previous month, and the data reinforces a weakening outlook for the region as households and businesses turn increasingly pessimistic towards the economy.
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EURUSD – Consumer confidence in Germany fell for the first time in seven-months as households face fading demands for employment paired with fears of a deepening recession. The GfK index slipped to 2.4 in April from a revised reading of 2.5 in the previous month, and the data reinforces a weakening outlook for the region as households and businesses turn increasingly pessimistic towards the economy. As Europe’s largest economy heads into a deepening recession, the European Central Bank is expected to ease policy further as the outlook for growth and inflation falters. Discuss the topic and your trade ideas in the EUR/USD Forum.
GBPUSD – Retail spending in U.K. dropped 1.9% in February, after rising 0.8% in the previous month, which lowered the annualized rate to only 0.4% from a revised reading of 3.8% in January, which is the lowest level of sale growth in more than 13 years. The data suggested that economic conditions are deteriorating at an increased pace as households face a weakening labor market, and conditions are likely to get worse as trade conditions falter. Moreover, the sales deflator showed a 0.3% annual increase versus a 0.9% drop in January, which suggests that retailers are cutting back on discounts as growth prospects deteriorate at a record pace. Meanwhile, a separate report showed that business investments in the fourth quarter fell 1.5% despite an initial forecast for a 3.9%, which raised the annual rate to -4.5% from an advanced reading of 7.7%. Discuss the topic and your trade ideas in the GBP/USD Forum.
