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German consumer optimism declines

Wednesday, Oct 28 2015
Consumer sentiment in Germany has once again dropped this month with the consumer climate falling slightly for the third time in a row. Following a value of 9.6 points in October, the overall indicator is forecasting 9.4 points for November. While the income expectations indicator remains unchanged from the previous month, economic expectations and willingness to buy have both suffered losses.
 
The consumer confidence witnessed in Germany in recent months is gradually waning. Meanwhile, like last month, economic expectations are decreasing significantly, seemingly as a result of the feelings created by the ongoing refugee crisis in particular. In contrast, willingness to buy has only experienced a slight downturn, while income expectations have stayed the same as the previous month. 
 
Euro is currently being trade around 1.1040 handle. Pair is likely to find support around 1.10 level and resistance above 1.1080 area. Later today, in the US session, FOMC interest rate decision and the following statement are scheduled for a release.
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