Recovering German Consumer Confidence Shores up Euro US Dollar Exchange Rate
A better-than-expected Germany GfK consumer confidence index helped to boost the Euro to US Dollar (EUR/USD) exchange rate.
While the index remained trapped in negative territory, only climbing from -15.5 to -12.9, the improvement nevertheless signalled an uptick in domestic sentiment.
Evidence that worries among German consumers began to ease on the month offered the Euro (EUR) a solid leg up against its rivals, in spite of lingering pandemic concerns.
February’s Eurozone economic sentiment index also bettered forecasts this morning, adding to the bullish outlook of EUR exchange rates.