Today began with the release of German consumer confidence data. Expectations had pointed toward a decline, reflecting ongoing economic concerns in Europe’s largest economy. However, the data surprised to the upside, showing an improvement from the previous month—albeit still in negative territory. While sentiment remains cautious, the uptick is a step in the right direction and may signal increased consumer appetite for spending on goods and services. This development could offer some near-term support for the euro.
Attention now shifts to the US this afternoon, where we’ll see the latest consumer confidence figures. The previous reading stood at 92.9, with forecasts suggesting a pullback to 87.5. Although US consumers have maintained a more optimistic outlook than their European counterparts, a notable drop could hint at growing unease and a reduced willingness to spend—particularly on imported goods. That could, in turn, contribute to diminished demand and upward pressure on prices.
Also due at the same time is the JOLTS report (Job Openings and Labor Turnover Survey), a key labour market indicator closely followed by markets. Forecasts point to a slight decline in openings from 7.568 million to 7.48 million. A sharper-than-expected fall could signal early signs of softening in the US labour market, potentially providing an early read on Friday’s non-farm payrolls release. A weak JOLTS print would likely weigh on the USD, adding to market concerns about economic resilience.
GBP/EUR 1.1763 GBP/USD 1.3401 GBP/AED 4.9236
GBP/AUD 2.0886 GBP/CHF 1.1054 GBP/CAD 1.8541
GBP/NZD 2.2469 EUR/USD 1.1381 GBP/ZAR 24.9025