Eurozone Consumer Confidence Disappoints, EURUSD Unmoved

The Consumer Confidence for October, released by the European Commission, has missed market forecasts as it printed -7.6, compared to -6.7 expected and -6.5 reported for September. EURUSD hasn’t reacted to this data release so far. Markit Manufacturing PMI, Marking Service PMI and Markit PMI Composite are due to be released tomorrow.

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So far, the market hasn’t reacted to the latest data release from the European Commissions. EURUSD is currently unchanged on the day as investors seem to be fully focused on the developments coming from the UK.

The reported reading of -7.6 is the lowest since April this year when Consumer Confidence was recorded at -7.9. This economic indicator measures the level of consumer confidence in economic activity.

Tomorrow morning we have a set of PMI-related data coming from France, Germany and EU. We may see little-to-no reaction again from the market given that ECB will issue a statement on their latest meeting just a few hours after the PMI data is out.

EURUSD is consolidating today after getting rejected yesterday from the 19-year ascending trend line. The pair has meanwhile returned to the descending wedge following a failed attempt to break the wedge to the downside in September. The ascending trend line resistance remains at $1.1200 while the first substantial level of support comes at 1.1060.

For more on ECB’s meeting preview read – ECB Preview: What Do Six Banks Anticipate?

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