{"id":106053,"date":"2020-10-22T09:00:07","date_gmt":"2020-10-22T08:00:07","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106053"},"modified":"2020-10-22T09:00:31","modified_gmt":"2020-10-22T08:00:31","slug":"104614-eur-usd-euro-pauses-for-breath-after-german-consumer-sentiment-falls","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104614-eur-usd-euro-pauses-for-breath-after-german-consumer-sentiment-falls\/","title":{"rendered":"EUR\/USD: Euro Pauses For Breath After German Consumer Sentiment Falls"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/eur-euro-live-exchange-rate\/\">Euro<\/a> (EUR) steady after 4 days of gains<\/strong><\/li>\n<li><strong>German consumer morale in November -3.1 vs 1.7 in October<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> (USD) rises as US stimulus looks less likely<\/strong><\/li>\n<li><strong>US jobless claims &amp; US Presidential debate in focus<\/strong><\/li>\n<\/ul>\n<p>The Euro US Dollar (<a href=\"https:\/\/currencylive.com\/exchange-rate\/\">EUR\/USD)<\/a> exchange rate is holding steady after rallying for the past four sessions and hitting a 5-week high. The pair settled +0.3% higher at US$1.1861. This was towards the top end of the daily traded range. \u00a0At 07:15 UCT, EUR\/USD trades just 2 pips lower at US$1.1860.<\/p>\n<p>German consumer confidence is declining. According to the GFK institute German consumer will come in at -3.1 in November, down from -1.7 in October. This is the weakest reading since July and significantly down from consumer confidence at the start of the year pre-pandemic when it stood at +10.<\/p>\n<p>The decline in consumer confidence has been driven by growing uncertainty and new restrictions which are diving lower expectations regarding the economy and income outlook. Private consumption has been a key driver of the economic recovery in Germany. Today\u2019s data highlights the chances of a double dip recession. The data comes as the number of covid cases in Germany reaches a record high.<\/p>\n<p>Elsewhere is Europe covid cases continue to surge. Spain becomes the first country in Europe to cross the grim milestone of 1 million coronavirus cases.<\/p>\n<p>The US Dollar is ticking higher as the mood in the market sours over scepticism of additional US fiscal stimulus being agreed before the US Presidential elections.<\/p>\n<p>Even if House Speaker Nancy Pelosi and Steve Mnchin or President Trump were to agree a deal was the chances are it would be a much larger deal than what the Republicans are willing to stomach. Therefore, it would be unlikely to clear the Republican dominated senate, which is after a much smaller bill; this realisation is hitting sentiment.<\/p>\n<p>As optimism of a deal being achieved prior to the US elections fades, demand for riskier assets such as stocks fall whilst demand for safe havens such as the US Dollar picks up.<\/p>\n<p>Looking ahead the US jobless claims data and US live Presidential debate will drive sentiment and the US Dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Euro (EUR) steady after 4 days of gains German consumer morale in November -3.1 vs 1.7 in October US Dollar (USD) rises as US stimulus looks less likely US jobless claims &amp; US Presidential debate in focus The Euro US Dollar (EUR\/USD) exchange rate is holding steady after rallying for the past four sessions and [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3213,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1381],"tags":[1435,1395,1393,1536,1509,1397,1398],"class_list":["post-106053","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-usd","tag-consumer-confidence","tag-eur","tag-euro","tag-jobless-claims","tag-stimulus","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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