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 -31, 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 fell 110 pips tonight, but it seems it cannot push below TheLFB S1 (1.3060). Against the pound, the euro gained today 60 pips.