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EUR/USD Unfazed by Weaker Sentiment as Data Continues to Deteriorate

EUR/USD Unfazed by Weaker Sentiment as Data Continues to Deteriorate

Oded Shimoni, Junior Currency Analyst

Talking Points:

  • The Euro was little changed versus the US Dollar
  • Eurozone economic sentiment prints 103.8 vs 104.4 expected
  • Services sector confidence fell to 10.6 from 11.6 prior

See how retail traders are positioning in the majors in your charts using the FXCM SSI snapshot.

The Euro was little changed versus the US Dollar after today's Eurozone economic confidence figures came below expectations. The Economic Sentiment Indicator decreased to 103.8, below the expected 104.4 figure and the prior revised reading of 105.1. The index is compiled from five different indicator surveys including: industrial, services, consumer, retail, and construction. The report said that the deterioration of euro-area sentiment resulted from worsening confidence among consumers and in all business sectors but construction, marking its second consecutive decline in 2016. The report showed sentiment in the services sector dropped to 10.6 from 11.6, and was below the expected 11.6. Consumer confidence printed -8.8 resulting from worsened expectations regarding all four components (the general economic situation, future unemployment, households' financial situation and their savings). Measures for industrial confidence also dropped, while construction confidence rose on improved level of order books and better employment expectations.

The report is another set of disappointing figures which seems to be adding to the bear case on possible further ECB easing in March. With that being said, more dominant data later today in the likes of German CPI and US PCE is set to hit the wires. It seems the market showed little regards to the sentiment data as the later figures could prove more revealing for f uture monetary policy actions by the Central Banks, and the Euro was little changed versus the US Dollar.

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