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Euro rises as US consumer confidence softens

EUR/USD gained about 0.3% toward 1.1400 after the US Conference Board Consumer Confidence Index fell to 90.8 in July from 92.2 in June.

Reported · Written up by our desk · Major Pairs

EUR/USD rose to around the 1.1400 area on Tuesday, up roughly 0.3%, as the US Dollar weakened following softer US consumer-confidence data, FXStreet reported.

The Conference Board Consumer Confidence Index declined to 90.8 in July from an upwardly revised 92.2 in June. The Present Situation Index fell for a third consecutive month to 114.9, while the Expectations Index stayed at 74.7, the outlet said.

Germany’s Bundesbank added that the economy likely expanded slightly in the second quarter despite headwinds from the Middle East conflict and elevated energy prices. It cited resilient industrial activity, stronger foreign demand, and growing exports, while warning growth could lose momentum in the third quarter as temporary supportive factors fade and higher energy costs could lift inflation again, FXStreet reported.

On the charts, EUR/USD traded near 1.1399 and was supported by the 20-period Simple Moving Average around 1.1380, while it remained below the 100-period SMA near 1.1416, suggesting the recovery still faced a near-term ceiling, according to FXStreet.

Latest closeEUR/USD 1.137 ▼0.0%

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