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The Eurozone economy is subjected to a wide array of downside risks, concerning uncertainty over the new President-elect Donald Trump’s administration and its possible consequences for EU skepticism in the euro area.
Consumer confidence remains an important factor while determining the area’s risk appetite. Consumer confidence has so far been resilient to the UK's vote to leave the EU and the still low oil price and continuing employment growth support consumer confidence.
The consumer confidence index for the month of November, due to be released today is expected to deteriorate, from the already negative index. Consumer confidence improved to -8 in October versus August; however, it is not certain that the positive trend will continue.
Meanwhile, EUR/USD is trading 0.13 percent up at 1.06, while at 79:00GMT, the FxWirePro's Hourly EUR Strength Index remained neutral at 21.24 (lower than the -75 benchmark for bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex
