German Consumer Sentiment unchanged in August
Consumer sentiment in Germany has stabilized in July. The consumer climate remains unchanged from the previous month. The overall indicator is forecasting 10.1 points for August, in line with market forecasts. Income expectations improved their record level from the previous month once again while significant losses and moderate losses will need to be accepted in economic expectations and the willingness to buy, respectively.
The long and uphill struggle to find a solution to the debt crisis in Greece has avoided a bankruptcy for the time being. However, this is not boosting the economic expectations of German consumers. Instead, the indicator has had to accept losses for the second month in a row. Even if the willingness to buy has depreciated slightly, it remains at a very high level. Above all, the stable domestic conditions are playing a role in the income expectations of consumers. This indicator is even exceeding its peak level again, which it achieved last month for the first time since the reunification of Germany. It is thus an important pillar of the consumer climate.
Data did not have any major impact on the markets. Euro is currently being traded few points above 1.1050 level. Pair is likely to find support around 1.0980 level and resistance above 1.11 area. Later today, in the US session, Pending Home Sales figures are scheduled for a release as well as Fed interest rate decision and the following statement.
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