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Forex News: Italian Consumer Confidence Reported at Lowest on Record

Forex News: Italian Consumer Confidence Reported at Lowest on Record

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Italian consumer confidence reported at 84.8 in November -> Lowest confidence index on record -> Euro pares losses despite index

Italian consumer confidence is at the lowest level on record for the past fifteen years. The Italian Consumer Confidence index for November was reported at 84.8, disappointing expectations for an 86.3 level, and lower than last month’s 86.2 revised confidence index.

The economic climate index fell to 69.4 from 71.5, and the future climate index fell to 75.2 from 78.2 in November. Expectations for unemployment also increased to 114 from 108, according to Italy’s Istat. Italy’s GDP shrank for the fifth straight quarter in Q3, and the consumer confidence index suggests that further economic contractions could be ahead.

However, the Euro did not react to the worse than expected Italian confidence index; in fact, EURUSD pared some earlier losses after the release. The Euro is still trading below the key 1.3000 line, where the pair might find resistance, and 1.2824 could provide support.

EURUSD 15-minute: November 26, 2012

Italian_Consumer_Confidence_Reported_at_Lowest_on_Record_body_eurusd_daily_chart.png, Forex News: Italian Consumer Confidence Reported at Lowest on Record

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