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    German GfK Consumer Confidence declines to -29.7 in February vs. -24.5 expected

    Source Fxstreet
    January 26, 2024 07:17
    • Consumer confidence is expected to deteriorate further in Germany.
    • EUR/USD stays in negative territory below 1.0850 early Friday.

    Consumer sentiment in Germany is expected to continue to weaken in February, with the GfK Consumer Confidence Index dropping to -29.7 from -25.4 in January. This reading came in worse than the market expectation of -24.5.

    Assessing the survey's findings, "If there were any hopes of a sustained recovery in sentiment, these were dashed in January," said Rolf Buerkl, consumer expert at the GfK Institute and the Nuremberg Institute for Market Decisions (NIM), pre Reuters. "The consumer climate suffered a severe setback at the beginning of the year."

    Market reaction

    EUR/USD stays on the back foot following this disappointing data and was last seen losing 0.2% on the day at 1.0825.

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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    PBOC cuts 25 bps to the 5-year Loan Prime Rate to 3.95%The People's Bank of China announced on Tuesday that it maintained the one-year Loan Prime Rate (LPR) unchanged and cut the five-year LPR by 25 basis points (bps) from 4.20% to 3.95%.
    Source  Fxstreet
    The People's Bank of China announced on Tuesday that it maintained the one-year Loan Prime Rate (LPR) unchanged and cut the five-year LPR by 25 basis points (bps) from 4.20% to 3.95%.
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    Germany's Bundesbank: Germany likely in recession nowIn its monthly report published on Monday, Germany's Bundesbank said that Germany is likely in recession now, citing weak external demand, muted consumption and cautious investments.
    Source  Fxstreet
    In its monthly report published on Monday, Germany's Bundesbank said that Germany is likely in recession now, citing weak external demand, muted consumption and cautious investments.
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    BoJ’s Ueda: Watching the outcome of spring wage talks and various other factorsBank of Japan (BoJ) Governor Kazuo Ueda said on Friday that he is “watching the outcome of spring wage talks and various other factors.” He added that he “wants to confirm whether the virtuous cycle of wages and prices strengthening or not.” Related reads Japanese Yen struggles near daily low against USD, intervention fears help limit losses BoJ Ueda: Will consider policy move when inflation target conditions met Japanese Yen price this week The table below shows the percenta
    Source  Fxstreet
    Bank of Japan (BoJ) Governor Kazuo Ueda said on Friday that he is “watching the outcome of spring wage talks and various other factors.” He added that he “wants to confirm whether the virtuous cycle of wages and prices strengthening or not.” Related reads Japanese Yen struggles near daily low against USD, intervention fears help limit losses BoJ Ueda: Will consider policy move when inflation target conditions met Japanese Yen price this week The table below shows the percenta
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