The index of Germany’s Gfk consumer confidence improved in October by seven-tenths, standing at -21.2 points compared to the previous -21.9 (revised from -22). The result improves on the -21.5 points expected by the market.
The indicator, which has remained in negative territory for almost three years, specifically since December 2021, has improved in September in the income expectations component and in the willingness to buy. However, the recovery in consumer sentiment is being held back by the willingness to save, which has increased again this month, according to the report. Germans view the overall economic development in the coming 12 months somewhat more negatively than in the previous month.
Euro reaction
The Euro has reacted to the upside on improved Gfk consumer confidence data from Germany. The EUR/USD pair has risen to 1.1156, its highest level of the day, and is now trading above 1.1154, gaining 0.19% on the day.
Economic indicator
Gfk Consumer Confidence Index
The Group’s Consumer Confidence Index Gfk is a leading indicator that measures the level of consumer confidence in economic activity. A higher than expected reading is bullish for the euro, while a lower reading is bearish.
Latest Post: Thu Sep 26, 2024 06:00
Frequency: Monthly
Current: -21.2
Dear: -21.5
Previous: -22
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
