German Consumer Confidence Holds Steady Despite Deteriorating Outlook

Alleviating price pressures have offsets the deteriorating outlook for the economy as the German GfK consumer confidence held steady at 2.1 in January, while the December reading was revised down from 2.2.

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• EURUSD – German import price fell for the fourth consecutive month in November as the index slips 3.4% from October, while the annual figure fell 1.3% from the previous year, after reaching a high of 9.3% in August. The sharp decline in import price inflation is mainly due to lower oil prices and the base effects from food prices. Excluding energy, prices rose 3.2% from previous year, after rising 4.1% in October. Alleviating price pressures have offsets the deteriorating outlook for the economy as the German GfK consumer confidence held steady at 2.1 in January, while the December reading was revised down from 2.2. Meanwhile, fading demand from home and abroad continued to take a toll on the Euro-Zone as industrial new order fell at a record pace of 15.1% in October despite expectations for a 9.8% decline. Risks for deflation paired with mounting growth concerns should allow the European Central Bank to ease policy further policymakers carryout their mandate to ensure price stability.







• USDJPY – The Bank of Japan monthly economic report downgraded the growth outlook for the economy and voiced strong concern about the downside risks to growth as they noted “conditions are likely to become more severe in the immediate future.” Meanwhile, earlier today, Japan posted its second consecutive trade deficit in November, which was led by a record 26.7% drop in exports. The statements suggests that economic activity will deteriorate further as global demands falter, which would only drag on the export-driven country going forward.

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