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EUR/USD is trading at $1.3505, up 0.25% on the day, after the German GfK consumer confidence came in at 7.1. This compares with a reading of 7.0 in September. The GfK is a forward-looking survey of 2000 people, and it is now indicating that consumer confidence is at pre-credit-crisis levels in Germany. This is a step in the right direction for the eurozone.
At 2pm, the French government will announce its budget for 2014. The Paris administration expects 0.9% growth next year, while its previous estimate predicted a figure of 1.2%. President Francois Hollande is expected to reveal €3 billion in tax hikes and €15 billion in government spending cuts, and this is likely to increase the French budget deficit.
At 1.30pm, the US will release the latest durable goods orders report, and the market consensus is for no change in August compared with the July report. This announcement will give us an idea of how strong the US economy is, which in turn could provide a clue as to what the Federal Reserve’s next move will be.