German Gfk Consumer Confidence Index dropped to a new all-time low.
EUR/USD trades in terrible territory close to 0.9550 after the data.
Consumer sentiment in Germany is viewed hitting its weakest factor in October with the Gfk Consumer Confidence Index slumping to a new all-time low of -42.5 from -36.8 in September. This studying got here in weaker than the market expectation of -39.
“Many households are presently pressured to spend extensively greater cash on electricity or set apart for appreciably greater heating bills,” GfK purchaser professional Rolf Buerkl stated and defined that would leaves much less cash reachable for making new purchases.
Market reaction
EUR/USD stays on the backfoot after this facts and was once closing viewed dropping 0.35% on the day at 0.9558.
