German GfK Consumer Climate Indicator Climbs to -24.2 for May - FX Empire
German GfK Consumer Climate Indicator Climbs to -24.2 for May | FXEmpire
On Thursday, April 25, the German economy was in the spotlight again, with German consumer confidence in focus.
The German GfK Consumer Climate Indicator advanced from -27.3 to -24.2 for May. Economists predicted an increase to -25.9.
According to the April survey,
The sub-components of the survey supported investor expectations of a June ECB rate cut. Despite the jump in income expectations, consumer plans to save signaled a lackluster demand environment. Downward trends in consumer spending could dampen demand-driven inflation and support multiple ECB rate cuts.
Before the release of the German GfK Consumer Climate survey, the EUR/USD fell to a low of $1.06916 before rising to a high of $1.07130.
In response to the GfK Consumer Confidence numbers, the EUR/USD fell to a low of $1.07114 before rising to a high of $1.07131.
On Thursday, April 25, the EUR/USD was up 0.13% to $1.07122.
Investors should also consider the US economic calendar. Q1 2024 GDP and weekly jobless claims figures warrant investor attention. Barring an unexpected spike in US jobless claims, the GDP numbers will likely impact Fed interest rate cut bets more.
Economists forecast the US economy to grow by 2.5% in Q1 2024 after expanding by 3.4% in Q4 2023.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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