Despite record low bond yields and all the promises one can bear from politicians and central bankers, the people of Europe are the least confident since February. At -11.6, missing expectations of a slight improvement from -11.1 to -10.7, this is the biggest miss since August 2011. It’s perhaps not surprising given the near-record highs in unemployment but oddly, confidence seems highly correlated to EUR strength (or weakness)… the opposite of what the market hopes for.
EU Confidence at 9 month lows…
As Confidence correlates rather too strongly with a weaker EUR…
Charts: Bloomberg
via Zero Hedge http://ift.tt/14RmF8D Tyler Durden