Euro Relatively Firm Despite Weak Eurozone Investor Confidence Index

Forex News

Euro declines slightly at the beginning of the week. The euro/dollar pair is trading at 1.1379, having lost 0.08% on the day. Meanwhile, the US dollar lost ground against most major currencies today, as rising expectations of an orderly Brexit strengthened the pound and the euro, and improved global investor sentiment.

Investor morale in the Eurozone fell more than expected in November and hit its lowest level in just over two years. Eurozone Sentix investor confidence index fell from 11.3 in October to 8.8 points in November, its lowest level since October 2016. The index has dropped sharply in 2018, as it was at 32.9 level in January. A sub-index on current conditions fell to 29.3 from 33.0, hitting its lowest level since April 2017. A sub-index measuring expectations fell to -9.8 from -8.3 the previous month.

US midterm elections will take place on Tuesday. US economy is seen to be strong, the fact which could support President Trump and the Republicans. The data published on Friday, showed that the growth rate of employment in the United States increased sharply in October, and wages recorded the highest annual growth for 9-1/2 years.