- Economic sentiment continued to weaken in the euro area.
- EUR/USD lost its traction, turned flat on the day near 1.0200.
"In July 2022, the Economic Sentiment Indicator (ESI) plummeted in both the EU (-4.2 points to 97.6) and the euro area (-4.5 points to 99.0), falling below its long-term average," the European Commission reported on Thursday.
Further details of the publication revealed the Industrial Confidence Index dropped to 3.5 in July from 7 in June and the Services Confidence Index declined to 10.7 from 14.1. Finally, the Consumer Confidence Index fell to -27 from -23.8, matching the market expectation.
Market reaction
The EUR/USD pair edged lower with the initial reaction to the disappointing sentiment data and was last seen trading flat on the day near 1.0200.
