29 August 2023, EUR/USD
EURUSD trading plan:
German consumer sentiment is expected to fall in September, due to declining income expectations and propensity to buy, a fresh GfK institute survey showed. The institute's consumer sentiment index fell to -25.5 heading into September from a slightly revised -24.6 in August. "The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more," said GfK consumer expert Ralf Buerkl. Persistently high inflation rates are hindering any improvement in consumer sentiment, said Buerkle. Since consumer sentiment is likely to remain at a low level in the coming months, private consumption will not make a positive contribution to overall economic development this year and will rather be a burden on growth prospects in Germany, the GfK said.
Investment idea: sell 1.0830 and take profit 1.0750.
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