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EUR/USD Higher after July EZ Consumer Confidence Falls Less than Forecast

EUR/USD Higher after July EZ Consumer Confidence Falls Less than Forecast

Diego Colman, Market Analyst

Talking Points:

- EZ July Consumer Confidence falls to -7.9 from -7.2 in June vs expectations of -8.0.

- EUR/USD rises after the advanced July Confidence Report but lacks traction to hold gains ahead of the ECB.

- Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

Consumer confidence deteriorated in July within the Euro Area, the European Commission said on Wednesday. The advance July report showed that sentiment continued downtrending and fell to -7.9 from -7.2 June in the wake of the Brexit Referendum vote that created tremendous uncertainty about the future of the economic bloc. The reading, however, topped market expectations slightly that called for a decline to -8.0.

The UK decision to leave to EU has undoubtedly clouded the economic outlook for the region and that can be reflected in consumer expectations that continues to deteriorate. As a result of the Brexit fallout, it is likely confidence indicators will remain depressed thereby curtailing consumer spending and business investment; ultimately limiting economic activity and slowing the convergence of inflation to the target in the region.

Here are the headline report figures driving the Euro this morning:

  • EUR July (Advance): -7.9 versus -8.0% expected, from a revised print of -7.2 in June.

Chart 1: EUR/USD 1-minute Chart Intrday (July 20, 2016)

EUR/USD Higher after July EZ Consumer Confidence Falls Less than Forecast

After the report crossed the wires, EUR/USD broke higher and reached $1.1029 moving in positive territory for the day. However, amid lack of momentum, EUR/USD retraced those gains and at the time of writing, is back into negative terrain, down marginally -0.05% for the session.

Read more: USDOLLAR Breakout Lacks EUR/USD Participation; Preview for ECB

-- Written by Diego Colman, DailyFX Research

For comments or questions regarding this article, e-mail feedback@dailyfx.com

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

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