EUR/USD off two-week low after stable Eurozone consumer confidence data

Euro slipped yesterday, adding to recent losses and testing two-week low. Markets eyed the US external conditions. EUR/USD fell under 1.1600 yesterday, extending the broad decline. The US Commerce Department said the trade deficit shrank to $59.6 billion in August from a revised $78.2 billion in July. Meanwhile, the Commerce Department said the value of exports edged up by 0.1 percent to $280.8 billion in August after rising by 0.3 percent to $280.6 billion in July. EUR/USD pair found some support after stable Eurozone consumer confidence data and currently quotes at 1.1600, up marginally on the day. Consumer confidence in the euro area was unchanged in November after improving steadily in the previous two months, preliminary survey data from the European Commission showed Thursday. The flash consumer confidence index reading was -14.2 in November, the same as in October, which was the highest score since February. The corresponding measure of confidence for the EU slipped 0.1 percentage points to -13.6 in November. On NSE, EUR/INR futures are trading at 102.37, up 0.07% on the day.

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