Eurostat consumer confidence dropped to -7.10 points in the euro-zone, within expectations of -7 and similar to last month’s 6.8 points.
EUR/USD is looking weak, pressured to the downside and slips towards the lows of the day, that were 1.137. Can it slip below 1.11?
EUR/USD continues its journey south. After losing 1.12 yesterday, the pair remained under pressure, as we explained in depth in the video show.
Consumer confidence was expected to remain around the previous lows of -7, reflecting the same level of pessimism as in the previous month.
The survey draws its importance from the fact that it is conducted by the European Central Bank – the body that has the most significant power over the currency.
Note that the drop comes despite a weaker than expected figure in the US: the Richmond Manufacturing Index came out at -5, worse than +4 expected. Earlier, the official US HPI rose by 0.6%, slightly better than 0.4% that was on the cards.
Here is the chart:
