EURGBP
The Consumer Confidence for October, released by the European Commission, has missed market forecasts as it printed -7.6, compared to -6.7 expected and -6.5 reported for September. EURUSD hasn’t reacted to this data release so far. Markit Manufacturing PMI, Marking Service PMI and Markit PMI Composite are due to be released tomorrow.
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The reported reading of -7.6 is the lowest since April this year when Consumer Confidence was recorded at -7.9. This economic indicator measures the level of consumer confidence in economic activity.
Tomorrow morning we have a set of PMI-related data coming from France, Germany and EU. We may see little-to-no reaction again from the market given that ECB will issue a statement on their latest meeting just a few hours after the PMI data is out.
EURUSD is consolidating today after getting rejected yesterday from the 19-year ascending trend line. The pair has meanwhile returned to the descending wedge following a failed attempt to break the wedge to the downside in September. The ascending trend line resistance remains at $1.1200 while the first substantial level of support comes at 1.1060.
For more on ECB’s meeting preview read – ECB Preview: What Do Six Banks Anticipate?