EURUSD is holding gains after yesterday’s report of the US consumer confidence gauge came in lower than expected at 78.1, lower than the 80.2 analysts forecasted. Last month’s figures were revised down from 80.7 to 79.4, so the market is watching important economic data erode out of the United States, which was supposed to lead the global growth for advanced economies.
Germany’s gross domestic product print came inline of expectations at .4 percent yesterday, and, this morning, the GfK German Consumer Climate rose higher than expected, coming in at 8.5 versus 8.3 estimate.
The US will report new home sales, which will likely be weak due to the weather. A positive, or negative, number is likely to not fade the current risk sentiment and be bullish for the euro. Keep an eye on how the dollar trades to determine potential moves in the pair.