Even after the worse data on consumer confidence in Germany today, the data remains close to the record for the country over the past 12 months. Like the IFO's strong performance in the country, consumer confidence has proven Germany's good development.
In recent months, the country has been covered by political and economic crises largely related to Trump's intentions to impose tariffs on imports of certain goods, such as German-registered cars and a large number of the country's GDP.
Why the confidence is so important?
Mario Draghi outlined the potential negative impact of Germany's low consumer confidence and business climate on the European economy, as the main reason for the bank to hold tight the economy. In summary, the data from Germany are optimistic about the euro and predict a good development of the German economy.
Technical EUR/USD stands at a key level of support, formed by a medium-term downward diagonal and a short-term upward diagonal. Entry from current levels is appropriate, but with a short-term horizon - a test at the top of 1.1730.
Source: Bloomberg Finance L.P.
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