Eurozone Consumer Confidence

On Friday we will get a look at the Eurozone Consumer Confidence report which is expected to come in at -14.5% which would be an improvement from the previous -15.6 reading. Either way it is a negative print and not a very encouraging sign for the Eurozone economy.

I expect the EURUSD as well as the GBPUSD to start a minor correction, but keeping the general uptrend alive. I am looking for higher lows and I plan to keep buying the dips for now until something major changes.

In the wake of greater social security taxes and reduced pay checks, the nation’s consumer confidence has dropped to its lowest level in more than a year, according to a Conference Board statement.

I think we may get a lower reading than consensus estimates. The situation in the Eurozone is not getting any better and the core issues have been ignored at least until after the German elections this weekend.