Euro area consumer confidence rises further in November

Euro area’s consumer sentiment rose again in the month of November. Since the economic recovery kicked off over four years ago, consumer spending has accounted for around half of all euro area economic growth, with the stable rebound in the labor market prompting a revival in sentiment and a rise in households’ readiness to spend, noted Daiwa Capital Markets.

The sentiment index rose from -1.1 in October to 0.1 in November. The consumer sentiment had risen to its best level in over 16 years, owing to a rise in sentiment in the economic outlook to a series high. The flash estimate  of euro area consumer sentiment in November took an additional step up, rising over one point to 0.1, the highest level since January 2001 and one rarely bettered on the survey, which goes back over thirty years.

“So, while there was no breakdown of the survey components published with this estimate, today's figure strongly suggests that private consumption growth will remain an important driver of GDP growth into 2018”, added Daiwa Capital Markets.

At 19:00 GMT the FxWirePro's Hourly Strength Index of Euro was bullish at -54.6923, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -131.369. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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