EU Sentix investor confidence reveals much of the same despite the improved figure
-25.2 vs -29.1 (previous -26.4)
The Confidence of Sentix investors A survey of some 2,800 investors and analysts asks respondents to rate the six-month economic outlook for the euro zone. The overall figure for Europe looks positive at first glance, but when you dig a little deeper, significant concerns emerge in the data.
Source: Refinitiv, Sentix
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Germany’s global index of -24.4 is the lowest since May 2020 and the current situation assessment of -14.8 is the lowest since February 2021, indicating that Europe’s largest economy is headed for recession.
The report cites consumer sentiment as the biggest economic burden today, as they are more aware of reduced purchasing power due to rising energy costs.
The EUR/USD chart continues to show the pair trading within the development range, respecting the downtrend line. Recent dollar weakness lifted the euro, but a very negative backdrop in Europe is unlikely to lead to a meaningful follow-through. The spillover from Friday’s NFP print could very well spill over into Monday’s trading sessions, potentially weighing on EUR/USD earlier in the week.
EUR/USD 2 hour chart
Source: TradingView, prepare for Richard Snow
— Written by Richard Snow for DailyFX.com
Contact and follow Richard on Twitter: @RichardSnowFX
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