Euro has shown resilience despite weaker-than-expected German economic data released on Tuesday. This data highlighted a deterioration in consumer confidence within the Eurozone.<\/p>\n\n\n\n
The German GfK consumer confidence index fell to -22.0 in September, compared to -18.6 in August, reflecting growing pessimism among European consumers about the economic outlook.<\/p>\n\n\n\n
Additionally, Germany’s gross domestic product contracted by 0.1% in the second quarter of 2024, confirming earlier preliminary estimates. This follows a 0.2% growth in the first quarter. On an annual basis, Germany’s GDP was unchanged, showing a 0.1% contraction compared to the same period last year.<\/p>\n\n\n\n
Despite this negative economic news, the euro\/dollar pair rose to 1.1183, up from the previous day’s close of 1.1160. The pair traded in a range between 1.1150 and 1.1190.<\/p>\n\n\n\n
The euro’s strength was also supported by a decline in the US dollar following the Federal Reserve’s meeting and Chairman Jerome Powell’s remarks at the Jackson Hole symposium. Powell’s comments hinted at a potential interest rate cut in September, which weakened the dollar and boosted the euro.<\/p>\n","protected":false},"excerpt":{"rendered":"
Euro has shown resilience despite weaker-than-expected German economic data released on Tuesday. This data highlighted a deterioration in consumer confidence within the Eurozone. The German GfK consumer confidence index fell to -22.0 in September, compared to -18.6 in August, reflecting growing pessimism among European consumers about the economic outlook. Additionally, Germany’s gross domestic product contracted …<\/p>\n","protected":false},"author":13,"featured_media":94971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[6877,6928,6885,6874,6987,7227],"class_list":["post-105167","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","tag-dollar","tag-euro","tag-fed","tag-gold","tag-inflation","tag-technical"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=105167"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105167\/revisions"}],"predecessor-version":[{"id":105168,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/105167\/revisions\/105168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/94971"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=105167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=105167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=105167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}