Euro area Consumer Confidence falls to -6.8 in November vs. -5.5 expected

Joel Frank Independent Analyst

Consumer confidence in the euro area weakened in November with the European Commission's Consumer Confidence Indicator falling to -6.8 (flash) from -5.5 in October. This reading came in slightly worse than median forecasts for -5.5.

The data reflects an uptick in Covid-19 infections in the Eurozone over the last few weeks. The final consumer confidence indicator, released later in the month, will likely show further deterioration to reflect the imposition in recent days of lockdown restrictions.

Market Reaction

The data has not impacted FX markets, with EUR/USD trading just under 1.1250, just above year-to-date lows printed earlier in the session in the 1.1230s.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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