- Consumer confidence is expected to rise both in the EU and the euro area.
- The shared currency rebounds modestly vs the dollar on the data.
According to the flash estimate published by the European Commission, the consumer confidence is expected to improve in July with the Consumer Confidence Indicator rising to -6.6 in July from -7.2 in June and beating the market expectation of -7.2.
“At −6.6 points (euro area) and −5.9 points (EU), both indicators stand well above their respective long-term averages of −10.7 (euro area) and −10.0 (EU),” the publication read.
With the initial market reaction, the EUR/USD pair rebounded modestly from the multi-week low of 1.1152 that it set earlier in the session and was last seen trading at 1.1160, still losing 0.43% on the day.
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