The EUR/USD currency pair declined on the back of a stronger-than-anticipated CB consumer confidence report released on Tuesday. The Euro plummeted against the Greenback by 13 base points, or 0.11%, to the 1.2260 level.
The US consumer confidence strengthened over the course of February, surpassing the forecast by 4.6 points, following the downwardly-revised 124.3-point reading recorded in the prior month. Consumer confidence reached its highest mark since November 2000. The improvement in the aspect of labor force was the main reason for this boost, the Conference Board’s Director of Economic Indicators Lynn Franco said. This move coincided with the positive Fed Chair Powell’s testimony.
