US consumer confidence has fallen from 59.2 to 44.5; it’s the lowest level since April 2009. This data is closely monitored as consumer spending accounts for 2/3rds of the US’s economy. The market has not reacted with hostility to the data with cable and Euro/ dollar remaining fairly stable this morning, perhaps there is one eye on Friday’s unemployment figures.
Other data out today is German retail sales and unemployment figures. Retail sales have come out better then expected as there was no change month on month with expectation being -1.5%. However although better then expected it is still 6.3% down on last month’s figures. This shows that Germany may still be facing a slowdown in their economy and all of Europe will be watching closely when the unemployment data is released at 9, to see if the trend is affecting jobs.
The major currencies still remain fairly static at the moment with everyone waiting for one big piece of data or news that will help them decide which currency is the strongest. Sterling does look undervalued at the moment but with the Euro continuing to be strong against the Dollar, movement upwards may come off the back of positive news out of the US.
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