Germany GfK Consumer Climate comes in at -26.6 against -29.5 consensus

Germany’s GfK Consumer Climate index for August was released at -26.6. This figure came in stronger than the consensus estimate of -29.5, representing a 9.8% surprise against expectations. The previous month’s reading was -29.6.

Following the release, the euro showed limited movement against major currencies. EURUSD moved -0.2 pips 15 minutes after the release. EURAUD moved -4.9 pips, EURCAD moved -0.5 pips, EURCHF moved -1.1 pips, EURGBP moved -0.5 pips, EURJPY moved -1.7 pips, and EURNZD moved -3.1 pips over the same 15-minute period. These measured moves are small when compared to the typical 1-hour median moves for these pairs, which range from 4 to 10 pips after past GfK Consumer Climate releases.