Forex Trading News – Positive European Confidence data

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Forex News: Euro rises after Government survives late night confidence voteThe Economic Confidence indicator of the Euro zone for the current month has beat the forecasts fractionally as it came out at 105.1, while the expected value was 105.0 and the previous 105.5. The Industrial Confidence was the only negative indicator from Europe today, as it was released at 3.2, 0.3 points below the polls, the previous rate was 3.8. Consumer Confidence economic indicator came out at -9.8, while the expectation was for -10. European Commission is publishing this series of data which indicates trends in the Euro zone economy, positive outcome usually show optimism in the economy and good prospects for sustainable growth. The single currency lost some 37 pips against the greenback, despite the positive news, falling to a low of 1.4377, depreciating many of the gains achieved at the opening of the European session. Good support for the EURUSD pair is spotted at the 1.4370 area. Currently the Euro is trading versus the Dollar at 1.4401, attempting to retain its earlier gains.