|08-28-2014, 03:44 PM||#1|
Eurozone confidence, German unemployment and inflation reports eyed
European markets are in for a busy day, with major fundamentals scheduled to be released on by the world`s largest economies. Eurozone confidence data, Germany’s unemployment rate along with preliminary data on consumer inflation will be closely examined by market players on Thursday.
Focus shifts to a busy European agenda today, as traders continue to anticipate the economic progress in the single-currency bloc. First class confidence reports for the Eurozone are expected to show the overall sentiment status across euro markets darkened in August.
- Business Climate likely fell to 0.10 vs. 0.17 a month ago
- Economic Confidence probably edged down to 101.5 vs. prior 102.2
- Industrial Confidence probably dropped further to -4.5 vs. -3.8
- Consumer Confidence likely declined to 99.2 after 99.7
Generally, any weakness in confidence levels could be a reflection of the recent geopolitics tensions which have strongly weighed on the business prospects this month.
Confidence is expected to have continued tumbling given the high tension between Ukraine and Russia which seem to have negatively reflected on investment growth amid recent downturn in industrial and manufacturing production in the 18-nation currency bloc.
Investors will also be anticipating preliminary inflation data from Eurozone’s largest economy, Germany, with Consumer Price Index (CPI) seen flat at 0.0 percent in August.
- CPI likely dropped to 0.0% from 0.3% in July
- Annual CPI likely steadied at 0.8%
- Annual CPI EU-harmonized probably remained unchanged at 0.8%
Germany is benefiting from unemployment near a two-decade low and the end of the euro area’s longest-ever recession. Data from the Federal Labour Office are expected to show unemployment rate steadied at 6.7 percent last month.
Further positivity of the euro-area sentiment indicators will surely offer more support for investors, with hopes running high for Germany to take the economic wheel amid signs of improvement, hopefully to be reflected today.
The euro continued its jump to the upside, driving the EURUSD pair to trade around $1.32146, while recording the highest level of $1.32176 and lowest of $1.31878.
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