Consumer confidence in Germany is set to improve in October. This comes following the stimulus measures announced by the European Central Bank.
Data from Gfk showed that the forward-looking consumer sentiment index rose to 9.9 in October. This was a slight increase from 9.7 in September. The data beat estimates which forecast a decline to 9.6.
EUR/USD Under Pressure to the Downside
The pair continued to trade flat with price action mostly confined to the narrow range of 1.0944 – 1.0925. On a daily basis, with EURUSD closing flat, there is scope for a rebound.
This basis comes as the currency pair is trading at the support area. A short term rebound won’t do much as EURUSD will remain confined to the broader range of 1.1030 and the support area.
