Consumer confidence is dropping in the European powerhouse of Germany, with the ZEW sentiment falling more than expected to 12.1 points. The silver lining comes from the Current Conditions figures, which actually advanced from 65.7 to 67.4 points.
It seems that the worries about global growth cause fear, but the current situation is OK.
More data from the old continent:
- The ZEW euro-zone figure dropped to 33.3 points, also more than expected.
- Employment is up 0.3% in Q2, better than +0.1% expected.
- Trade balance came out at 22.4 billion, slightly stronger than predicted.
The German ZEW economic sentiment was expected to continue falling, from 25 to 18.4 points in September. This reflects the Chinese woes.
EUR/USD traded around 1.13 towards the publication and seems little changed.
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