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Euro-Zone Consumer Confidence Falls to Two-Year Low

Euro-Zone Consumer Confidence Falls to Two-Year Low

2011-09-22 15:00:00
James Hao,
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THE TAKEAWAY: Euro-Zone Consumer Confidence Falls to Two-Year Low> Consumer Spending Continues Contraction > Bearish EUR/USD

An index of consumer sentiment in the single currency bloc for September fell to -18.9 from -16.5 in August, marking a steeper drop than the median forecast of -18 in a Bloomberg News survey. Paired with contractionin manufacturing and services output for the first time in more than two years, the worse-than-expected spending signals a heightened concern that the euro-zone may fail to foster the economic growth and slide into a recession.

EUR/USD 1-minute Chart: September 22, 2011

EU_Consumer_Confidence_two_year_low_body_Picture_1.png, Euro-Zone Consumer Confidence Falls to Two-Year Low

Charts created using Strategy Trader– Prepared by James Hao

20 minutes before the release, EUR/USD started to plummet amid pessimistic tones circulating the global economy. The pair recouped its loss following the release as a correction from broad-based selloff since FOMC launched the package of stimulus tools dubbed Operation Twist on Wednesday. Considering that the fundamentals in EMU are deteriorating and the greenback already coming back into favor for capital-preservation trade, further consolidation is expected for U.S. Dollar for the rest of the week.

EUR/USD 15-minute Chart

EU_Consumer_Confidence_two_year_low_body_Picture_4.png, Euro-Zone Consumer Confidence Falls to Two-Year Low

Charts created using Strategy Trader– Prepared by James Hao

Taking a look at the 15-min chart, spurred by Federal Reserve's pessimistic view on the U.S. economic outlook, the flight to safety clearly gathers pace, which overshadowed the central bank's attempt to bend the yield curves and lower borrowing costs. At the time this report was written, the euro-dollar is traded at 1.3450, on speculation that the single currency may continue to weaken among unresolved debt concerns and waning confidence among consumers.

Written by James Hao, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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