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In its advanced estimate, the European Commission reported that the Consumer Confidence Indicator in the euro area dropped to -7.9 in April to fall short of the market expectation of -7. The initial market reaction seems to be weighing on the shared currency, pulling the EUR/USD pair closer to the critical 1.12 handle.

“In April 2019, the DG ECFIN flash estimate of the consumer confidence indicator dropped in both the euro area (0.7 points down) and the EU (0.6 points down). At −7.9 points (euro area) and −7.7 points (EU), both indicators remain well above their respective long-term averages of −11.3 (euro area) and −10.4 (EU),” the EC said in its publication.