Release Explanation: Consumer Confidence is a survey of the sentiment of the public regarding current and future economic conditions. 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 -30, 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.

Forex Technical Reaction: The euro is currently testing the 100-day simple moving average. Since the Asian session started, the pair has fallen 75 pips. Against the swissy, the euro has dropped 60 pips and has traded flat against the pound.