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Euro-area Consumer Confidence Actual -31, Expected -30, Previous -31
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,” TheLFB-Forex.com Trade Team said.
Trade Desk Thoughts: Consumer confidence in the Euro-area held steady at -31, slightly lower than analysts’ estimates. The read indicates that consumers are still optimistic that the economic contraction may be slowing or at least close to a bottom. However the report is still below the zero benchmark indicating an overall negative outlook. The last time the consumer confidence report was above the zero benchmark was at the end of 2000.
Forex Technical Reaction: The report failed to spark any significant movement in the currency market. The euro has dropped 10 pips since the release but has gained 25 pips, overall, since the start of the new trading day.