EUR/USD Remains Rangebound on President's Day as EU Consumer Confidence Estimate Slides

The EUR/USD Forex pair remained in a tight trading range today as the flash Consumer Confidence Index (CCI) for February dropped in the European Union as well as the euro area. The CCI metric is derived from surveying 2300 consumers from 27 EU countries.

Respondents are asked about their current financial situation, personal spending habits, and other pertinent information.

The European Commission states:
“In February 2017, the DG ECFIN flash estimate1 of the consumer confidence indicator2 decreased in both the euro area (by 1.4 points to -6.2) 3 and the EU (by 0.9 points to -5.2) compared to January 2017.“
After losing ground against the U.S. dollar on Friday (-0.62%), the euro has traded in a tight range on Monday, hovering between 1.0605 and 1.0629 for most of the day. Today’s low volatility in the euro was also caused in part by the closure of American financial markets due to President’s Day:

Euro coin photo by Alf Melin

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