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EMU: Consumer Confidence improves slightly to -23.6 in February

Eurozone Consumer Confidence edged up to -23.6 in February, from -23.9 in January, the European Commission reported on Wednesday. This result is in line with market consensus.

Eurozone Business Climate rose to -0.73 in February, from -1.09 in January, above expectations of an increase only to -1.04.

The Economic Sentiment Indicator increased to 91.1 from 89.5 and above forecasts of growing only to 89.8.

Industrial Confidence decline slowed down from -13.8 to -11.2, above expectations of -13.2. Services Sentiment improved to -5.4 from -7.7 and against market consensus of falling further to -8.5.

Fundamental Morning Wrap: All roads lead to Rome

A quiet morning on the research front, perhaps due to the double barrel of UK GDP and Italian bond auctions coming into play today. While this morning has seen negative QoQ UK GDP, the muted reaction indicates that the result has already been priced in by the market amongst the reactionary melee of the downgrade. However, Italian debt auctions are the event in focus today, and are being seen as a litmus test for EUR/USD, which is currently bobbing away above the significant 1.30 level.
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Italy 10-y Bond Auction up to 4.83%; 5-y: 3.59%

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