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The Consumer confidence in Germany rose to the highest since June 2007

September 26, 2013, Thursday, 09:26 GMT | 05:26 EST | 13:56 IST | 16:26 SGT
Contributed by Forex-Metal

Asian and European trading sessions:

Euro: The Consumer confidence in Germany rose to the highest post-crisis levels since June 2007. As it was revealed by the research group GfK, the GfK consumer climate index rose to 7.1 in October, while the index September’s was also revised up by 0.1 points to 7.0. The result was in line with analysts' forecasts. The component “willingness to buy " added 0.6 points to 45.0 points in September , and remains at the highest level since December 2006. The economic expectations component rose by 8.9 points to 10.7. On the other hand, expectations of household income declined 3.5 points to 33.7 and fell to second month in a row after four consecutive periods of growth. The euro rose against the dollar to the level of $1.3520.

British Pound: The British pound rose against the dollar after data on retail sales in the UK. Accordingly the Confederation of British Industry (CBI), the retail sales in September rose to its highest rate in 15 months. The volume index of retail sales in September reached 34, the highest level since June 2012, when it was only 42. The result indicated that consumer confidence, which is an important part of the economy, continues to strengthen. The GBP/USD pair moved up to the level of $1.6060 during the European session.

New Zealand Dollar: The New Zealand dollar fell against all major currencies, after the official data released today recorded the growth of the trade deficit of the country up to NZ $ 1,2 billion ($ 989 million) in August. The result was the worst in the last five years.

American trading session:

U.S. Dollar: The dollar declined significantly against the euro, which was associated with the release of data on Germany and the United States. The U.S. data showed that orders for manufactured durable goods showed a slight increase in August as demand for aircraft and military equipment declined. Another data revealed that the total orders for durable goods rose in August by 0.1 % to a seasonally adjusted $ 224.92 billion while economists forecasted that orders will remain unchanged from the previous month. Meanwhile, another report showed that sales of new U.S. homes rose in August by 7.9 % to a seasonally adjusted annual rate of 421K recovering from a big drop in July. The increase was due to increased sales of new buildings in three of the four regions. The sales rose at the fastest pace of growth since January, while economists had expected sales to rise to 422K, compared with the initial estimate of sales in July of $ 394,000. On Wednesday, the U.S. Commerce Department revised the July sales down to 390,000.

Gold: The cost of the October gold rose moderately to $ 1333.00 per ounce, completely offsetting its earlier decline.

Oil: The cost of the November futures of WTI oil futures rose slightly to $ 103.39 a barrel on the NYMEX against reducing the likelihood that new talks on Iran's nuclear program will bring a rapid improvement in relations with the United States.