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Euro Drops Following Declining Economic Confidence

Euro Drops Following Declining Economic Confidence

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone economic confidence drops to 85.0 -> Consumer confidence confirmed at -25.9 -> Euro declines

Euro-zone economic confidence has set a new 3-year low, following the seventh straight month of decline in confidence, according to the European Commission survey. The consumer confidence survey was reported at 85.0 for September, lower than expectations for the confidence survey result to remain unchanged from August’s 86.1 result.

Euro-zone consumer confidence was confirmed at -25.9 according to a final estimate for September, which is also a 3-year low. Industrial confidence unexpectedly fell to -16.1 from a previous (revised) -15.4 survey result; services confidence unexpectedly fell to -12.0.

The Euro-zone economy has been plagued by the ongoing debt crisis, as the GDP for Q2 was 0.2% lower, and a sign of an improving economy or further steps towards solving the crisis by Euro officials would be positive for the Euro. However, today’s confidence surveys suggested that the economy is continuing to struggle.

The Euro dropped following the release of the mostly worse than expected confidence surveys, and EURUSD is currently trading right above the 1.2850 line.

EURUSD 15-minute: September 27, 2012

Euro_Drops_Following_Declining_Economic_Confidence_body_eurusd_daily_chart.png, Euro Drops Following Declining Economic Confidence

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