Article / 24 May 2017 at 11:54 GMT

Mid-session Europe: Forecast-beating GfK survey bolsters euro

Saxo Markets
  • Better-than-forecast German consumer confidence in GfK survey lifts euro
  • Moody's downgrade of China's debt rating knocks industrial metals
  • Crude oil consolidates ahead of EIA weekly inventories report
  • European equities mixed

German consumers are feeling happy, according 
to a new GfK survey. Photo: Shutterstock 

By the Global Sales Trading Team

  • Germany's GfK consumer climate survey beat expectations, rising to 10.4 — the highest reading since October 2001, against analysts' expectation of 10.2. The numbers lent support to the euro. 

  • It's been a relatively calm FX session ahead of the Federal Open Market Committee minutes. Hints of potential rate hike in focus .

  • The first Moody’s downgrade of China since 1989 knocked industrial metals, including copper, lower.

  • Crude oil prices are consolidating before today’s weekly inventory report from the US Energy Information Administration at 1430 GMT.

  • European equities trade mixed, with basic materials and consumer goods in the red, while technology, healthcare and telecom shares advance. 

    Also of interest today:

    Please join our head of commodity strategy, Ole Hansen, for a Commodities Update Webinar at 1130 GMT today. Click here to join.

Please click on the attached PDF for the Saxo Bank Global Sales Team's overview of the mid-session movements seen in forex, equity, FX option, commodity, and bond markets.
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Mid-session Europe: May 24, 2017


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