The euro strengthened decisively against all but the pound yesterday, including by more than 0.5% against all the major dollar currencies.
This was despite the ropy state of much of the eurozone economy, and the widely viewed prospect of no interest rate rise when the European Central Bank meets on Thursday.
This morning, GfK Consumer Confidence for Germany came in at -28.1 in November, when -26.6 had been expected.
We have also just had a flash reading for Germany’s manufacturing PMI which rose to 40.7, versus the 40.5 anticipated. The services PMI for the German economy dropped to 48.0 versus the 50.0 expected.
