German GDP unrevised in Q2 but consumer confidence falls- EUR/USD unmoved so far

The final revision to German Q2 GDP has now been released and it has remained unrevised at -0.1%. That is not a surprise to the markets, but data released alongside that report has shown German consumer confidence is still falling. The previous reading was at -18.6 and had been expected to improve slightly to -18.2. Well, is has fallen to -22 and that is not especially heartwarming news for the Euro or the DAX but so far both are ignoring the news and may well continue to do so. The EUR/USD has not budged and has continued to hold a tight range so far today heading into the start of European trading. The EUR/USD closed last night at 1.1161. The range seen so far today has been covered by 1.1158 to 1.1172. The 1.12 level remains an important level on the topside and the failure to get past there since last week is something to consider again today. The EUR/USD is currently trading at 1.1167