The singe currency lost almost across the board yesterday, but just managed to keep its nose in front of the US dollar. It has since strengthened this morning, despite record low levels of optimism among German consumers.
On the wires yesterday, German Ifo Business Climate for August was 88.5, slightly up on expectations. The final result for German GDP in Q2 was also better than forecast, with a year-on-year growth of 1.7%.
So far this morning we have had GfK Consumer Confidence for September of -36.5 for Germany, a record low and well down both on expectations and last month. Results for French consumer confidence were a little better.
EUR/USD past year
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