Euro area Economic Sentiment Indicator improves to 99.9 in January vs. 97 expected

• Economic Sentiment Indicator improved at a stronger pace than expected in Eurozone.
• EUR/USD gained traction after the data and climbed above 1.0900.

The data published by the European Commission revealed on Monday that the Economic Sentiment Indicator in the Euro area and the US improved to 99.9 and 98, respectively.

Further details of the publication showed that the Industrial Confidence in the Euro area rose to 1.3 from -0.6 in December, the Services Sentiment advanced to 10.7 from 7.7. Finally, the Consumer Confidence Index came in at -20.9, matching the flash estimate.

Market reaction

EUR/USD edged higher with the initial reaction and was last seen trading in positive territory above 1.0900.