EURJPY TECHS: Support Remains Intact

The German GfK consumer climate fell to -24.7 according to the March advance reading, down from a revised -22.6 in February (previously -22.4) in its weakest print since April 2024. 

• The print gives another blow to the narrative of a potential German "consumption-driven recovery" en vogue a while ago, but which seems like a distant memory now.
• Private consumption rose 0.1% Q/Q in Q4 according to yesterday's final GDP figures - but the increase was so small that its contribution to overall real Q4 GDP growth rounded down to 0.0pp.
• "Although economic expectations rose slightly, income expectations and willingness to buy fall for the second time in a row. The willingness to save, on the other hand, shows slight increases", GfK comments on the release.
• Next month's survey print will provide an update as to whether last week's parliamentary election (which resulted in core parties gaining enough votes for a potentially more stable two-party government) will have a positive impact on German consumer confidence going forward.
• The survey period was 30 January to 10 February.

• MNI CHINA MONEY MKT INDEX FEB LQDTY OUTLOOK 19.3 VS JAN 24.4
• MNI CHINA MMI CURRENT LQDTY CONDITIONS FEB 73.9 VS JAN 64.0
• MNI CHINA MMI ECONOMIC OUTLOOK FEB 65.9 VS JAN 59.3

• MNI: GERMANY GFK CONSUMER CLIMATE MAR -24.7