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EURUSD: Eurozone lending slowed, consumer and company confidence declined

Buyers of the European currency failed to cling to a large resistance level around 1.1180 and did not update it, and weak data released in the first half of the day on consumer confidence in the eurozone and lower lending, discouraged any interest from large players in the short-term purchase of risky assets.

According to the report, growth in lending to companies by banks in the eurozone slowed in March after a slight increase in February of this year, indicating a weakening growth in the region's economy.

The report of the European Central Bank indicated that lending to companies in March of this year increased by 3.5% compared with the same period of the previous year, after growing by 3.8% in February.

Household lending grew in March only by 3.2 % compared with the same period of the previous year, after rising 3.3% in February. I recall that the economy of the eurozone, like other developed countries, is highly dependent on the availability of financing and lending, and a decline in these indicators may indicate likely problems in the future.

The M3 monetary aggregate rose by 4.5% in March compared with the same period of the previous year, against a 4.3% increase in February. Economists had expected a growth of 4.2%.

The euro was also influenced by data on the sentiment index in the eurozone economy, which, given the indicator of confidence among producers and consumers, fell to 104.0 points in April against 105.6 in March of this year. Economists had expected the index to be 105.0 points in April.

Eurozone producers were more pessimistic in April, as eurozone exports remain rather weak, which worsens prospects. According to the data, the industrial sentiment index in April 2019 fell to -4 points against -1.6 points in March. The index of confidence in the eurozone industry for April was projected at -2.0 points.

As I noted above, the quarterly index of export expectations showed a particularly strong drop.

The consumer confidence index in the eurozone also fell slightly in April, reaching -7.9 points against -7.2 points in March. The consumer confidence index was forecast at -7.9 points.


The technical picture in the EURUSD pair has not changed significantly. Trading in the next few days will be conducted from the support range of 1.1115, where the bulls will try to build a new lower limit of the ascending channel. The main problem for buyers of risky assets will be the upper limit of the current side channel at 1.1180, a breakthrough of which will lead the trading tool to return to levels 1.1210 and 1.1240.

The material has been provided by InstaForex Company -