German Consumer Confidence Rises

February 26, 2009 by Trader Rich

Euro holds mostly steady in forex trading

In a surprise bit of good news — at least for the euro zone — German consumer confidence is up. This could be an indication that things are on the verge of turning around for the euro zone economy. Or it just might be a temporary bump.

Boris Schlossberg, from FX360, takes a look at the surprising results of German consumer confidence:

The German figure also squares with the better than expected Italian consumer confidence numbers reported earlier this week indicating that conditions in the Eurozone as a whole may not be as grim as most analysts had forecast. On the other hand the data may simply be a bounce in sentiment from grossly negative levels and could plunge once again should labor demand contract sharply.