Omicron woes weigh heavy on German sentiment, with this morning’s German GfK Consumer Sentiment data for January coming in at -6.8 vs. an expected -2.7 (Prev. -1.6, Rev. -1.8)
Nobody was expecting a positive number, but this miss below many of the more pessimistic calls will shock a few market participants.
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Markets are little bothered though, with EUR happy to doze inside this morning’s tight range.
To add: Worth highlighting the ‘Propensity to buy’ component of the data shanked to a meagre 0.8 – This will be looked at as a lead through to poor retail sales numbers on the horizon, and some will even infer this as an indicator that inflation numbers are about to come off the boil.
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