Eurozone consumers somewhat more pessimistic in August - ING

"Consumer confidence dropped from -6.6 to -7.1, slightly above the June reading of -7.2. Confidence continues to zigzag as optimism about current personal finances and jobs is combined with pessimism about the general economic outlook," notes ING's senior economist for the eurozone, Bert Colijn.

Key quotes

"The eurozone consumer continues to be in limbo about where things are headed, which leads to caution about the future. The current situation for consumers is not that bad, with unemployment at low levels and rising wage growth. Inflation also remains at favourable levels at the moment, leading to a positive environment for household finances."

"Dark clouds are hovering above the consumer though as concerns about a recession increase. Even though no breakdown of the underlying questions has been released so far, the recent trend shows a consumer who is worrying more about unemployment in the coming year. Increasing concerns about a no deal Brexit, the Italian government, the trade war and an economy slowing down are no doubt also fuelling pessimism among consumers."

"While August’s move was down again, the overall movement in consumer confidence has been sideways this year and this reading seems to be in line with that trend. This is consistent with continued subdued consumer spending, helping GDP growth to remain positive this quarter."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trades below 1.1100 amid fears of US-EU trade war, mid-East flare up

EUR/USD has kicked off the week below 1.1100, close to its closing levels on Friday. Fears of US tariffs against the EU and the fallout from the attack on Saudi oil installations weighs.


GBP/USD slips below 1.2500 ahead of Johnson-Juncker meeting

GBP/USD is trading below 1.2500, off the highs. UK PM Johnson will meet EC Commission President Juncker to discuss Brexit amid reports of progress. Tensions in the Middle-East and uncertainty ahead of the Fed impact markets.


USD/JPY looking to close the bearish opening gap amid risk-off

USD/JPY gapped down to 107.44 on Monday’s open as risk appetite is diminished following the attack on Saudi Arabian oil facilities. The spot now trades near 107.80, aiming to close the bearish opening gap ahead of a big week. 


Gold prices shot higher by over 1% in risk-off start to the week

Gold prices have shot higher in the open this week due to the increased tensions in the Middle East following the attack on Saudi Arabia’s oil and gas facilities in Abqaiq which has suspended half of the kingdom’s processing.

Gold News

Forex Today: Oil prices skyrocket after attack on Saudi installation, Chinese economy slows, Brexit talks continue

Here is what you need to know on Monday, September 16: A drone attack on a Saudi oil facility knocked down around 50% of the Kingdom's output and 5% of global production.

Read more