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EURUSD: Global slowdown concerns dent European consumer confidence – ING

FXStreet(Delhi) – Bert Colijn, Research Analyst at ING, notes that the concerns about a global slowdown are reaching the European consumer, as consumer confidence in the Eurozone declined moderately to -7.1 in September.

Key Quotes

“The trend in the past months has been one of stagnation after a decline related to the Greek crisis in July. Since then, concerns about global growth have kept consumer confidence from recovering to levels seen earlier in the year when QE was announced and oil prices had fallen to below 50 dollar per barrel.”

“Even though the growth in consumer confidence has stagnated and lies a few points below its December peak, the level of confidence remains high. The indicator still trends above its long-term average and some of the indicators most related to domestic demand continue to trend upwards despite the turbulent summer.”

“The upward trend in the major purchases component resulted in the highest reading since 2008 in August (September numbers have only been released for the headline consumer confidence number). This means that the outlook for domestic demand remains reasonably bright and growth in consumer spending is likely to continue at a steady pace during the rest of 2015. While this is the case, the current stagnation in confidence suggests that further acceleration in consumption is unlikely in the months ahead.”

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