Release Explanation: Consumer Confidence is a survey of the sentiment of the public regarding current and future economic conditions. The release builds an economic picture of the mood of the economy’s consumer and therefore, how well the service based economies may fair over the coming months.
Trade Desk Thoughts: Consumer confidence in the Euro-area fell to -34, the lowest read since the index first started. The very poor read points to a very clear contraction in the Euro-area. The last time the euro-area consumer confidence report was above the zero benchmark, pointing to an optimistic feeling among consumers, was at the end of 2000. In addition, almost every indicator gauging the overall sentiment in the Euro-area dropped to a record low, or close to it
Forex Technical Reaction: The report failed to spark any significant movement in the currency market. The euro lost 50 pips against the dollar tonight, but gained 40 pips against the pound.