Euro strengthened despite poor indicators of the euro area
Confidence in the euro-zone economy fell in October, roughly in line with expectations to 84.5 percentage points to a new low since August 2009. Decreased confidence in industry and services, consumer confidence remained virtually unchanged also at the lowest levels in the last three years.
German unemployment reached 6.9% in October, the same level as the September was revised from the original value of 6.8%. According to our colleagues from SG but more disturbing reversal trend in the number of employed, which yielded revised the September data. The decline in employment in Germany, along with further increasing confidence in the European economy, according to SG evidence that economic activity in EMU slows down problems and interferes with Germany.
Today's most important macroeconomic indicators will be the October inflation in the euro area (market expected to slow down to 2.5% y / y from 2.7% in the previous month) and the September unemployment rate also in the EMU. It should, after two months of stagnation increase slightly to a new all-time high of 11.5%. German retail sales were released this morning.In annual terms fell by 3.1% y / y (market -1.1%), but it is a highly volatile indicator of limited informative value.
Author: Marek Dřímal
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