Eurozone economic confidence surges to 11-monnth high in Nov, consumer sentiment improves

Economic confidence in the eurozone surged to an 11-month high during November, along with an improvement in consumer sentiment.

The economic sentiment index came in at 106.5, up from 106.4 in October but below the expected score of 106.8. This was the highest since December 2015 when the reading was 106.6, data released by the European Commission showed Tuesday.

 At the same time, the consumer sentiment indicator improved to -6.1, as initially estimated, from -8 in October. The increase in confidence was fueled by significantly brighter expectations regarding the future general economic situation and future unemployment.

Further, the industrial confidence index dropped unexpectedly to -1.1 November from -0.6 points in October. The reading was forecast to rise to -0.5. A slight deterioration in industry confidence was driven by managers' more cautious assessments of the stocks of finished products and the current level of overall order books, reports said.

The services confidence index held steady at 12.1 in November. The unchanged level of services confidence reflects brighter demand expectations in combination with more negative appraisals of the past business situation and broadly unchanged views on past demand.

Meanwhile, the EUR/USD has formed a bearish 'hanging-man' candlestick pattern at 1.06, while at 11:00GMT, the FxWirePro's Hourly Euro Strength Index remained slightly bullish at 78.07 (above the +75 benchmark for bullish trend). For more details, visit http://www.fxwirepro.com/currencyindex