The euro remains close to the new maximums since 2021 despite the fall in the German GFK consumer index

He GFK consumer confidence index of Germany prepared by the Nuremberg Institute for Market Decions (NIM) has fallen to -20.3 points In the early reading of July since June 20, its lowest level in two months. The indicator worsen market expectations, since an improvement was foreseen at -19.3 points.

The savings indicator rose 3.9 points in June and, with 13.9 points, is now at its highest level in more than a year. This growing willingness to save on the part of the German consumer, prevents the recovery of consumer trust from continuing, according to the statement.

As explained Rolf Bürkl, NIM consumption expert“After three consecutive increases, the climate of consumption has suffered a slight setback. This is mainly due to the greater disposition to savings, which currently counteracts the positive impulse generated by the improvement of income perspectives. A high disposition to savings among consumers also reflects their continuous uncertainty and, therefore, their lack of security when planning. The latter is especially important for consumers when it comes to purchases or important expenses. Therefore, the willingness to buy also suffers slight losses this month. “

Euro reaction

The EUR/USD reached at the end of the Asian session a new maximum of three years and ten months in 1,1717. After the publication of the data on the confidence of the German consumer, the pair briefly backed up to the area of ​​1,1670 but has subsequently returned around 1,1700. At the time of writing, the EURO quotes against the dollar over 1,1693, winning 0.30% in the day.