⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

The Euro Keeps in A Range As US Consumer Takes A Seatback

The Euro to USD range remains in consolidation mode as EUR/USD traders between 1.08 and 1.09, with investors awaiting more key data releases, particularly from the United States, later in the week. Tuesday’s US durable goods orders report, which showed a larger-than-expected decline in January, did not elicit much reaction from EUR/USD.

EUR/USD Daily Chart – MAs Keeps Providing Resistance

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewSFSA, FSCA, CySec*USD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewNot Regulated0.001 BTCVisit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewCySEC,MISA, FSCAUSD 20Visit Broker >>

Yesterday we had the durable goods orders from the US, which showed a major decline in January, but the market ignored it. Traders are now focusing on the upcoming US Gross Domestic Product (GDP) numbers scheduled for release today. Additionally, German Retail Sales and Consumer Price Index (CPI) inflation data are expected tomorrow, followed by the US Personal Consumption Expenditure Price Index (PCE) inflation print which is the main event of the week and will likely break the range in EUR/USD . As a result, this forex pair will likely remain trading within the 1.08-09 range.

Yesterday the US consumer confidence index for February 2024, as reported by The Conference Board, came in at 106.7 points. This figure was lower than the expected value of 115.0 points and lower than the previous reading, which was revised from 114.8 points to 110.9 points. So, the jump in the US consumer confidence last month was sort of fake, which left everything uncertain for this pair.

US Consumer Confidence from the Conference Board for February 2024

  • The present situation index stood at 147.2 points, a decrease from the previous reading 161.3 points.
  • Expectations for the future, as measured by the expectations index, declined to 79.8 points from the previous reading of 83.8 points.
  • The one-year inflation expectations remained unchanged at 5.2%.
  • The assessment of jobs being hard to get was reported at the same level as the previous reading, at 9.8 points.

Overall, the February consumer confidence index came in lower than expected, with declines observed in both the present situation and expectations components. This suggests a less optimistic outlook among consumers, potentially influenced by factors such as economic uncertainties, inflation concerns, and challenges in the job market.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles