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

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.

EUR/USD Live Chart