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As the US dollar index gains, Eurozone Sentix Economic Sentiment fell from 29.8 to 22.2, falling short of expectations of 29.0. The current situation index increased from 29.8 to 30.8, reaching its highest level since October 2018. The Expectations index, on the other hand, fell drastically from 29.5 to 15.0, the lowest level since May 2020 and the third dip in a succession.
The Eurozone Sentix data is disregarded by the EURUSD, which holds its range at 1.1750 despite a stronger US dollar index. The pair has remained reasonably stable throughout the initial half of the European session.
Sentix said: “Economists have traditionally recognized a trend reversal in a threefold decline. Accordingly, this decline should not be regarded as a simple loss of momentum but should be understood as a warning sign.
As a “pioneer” among leading indicators, these events mark a significant decline in other leading indicators. Thus, the development is likely to contribute to higher market volatility in the coming weeks. In 2006 and 2010, when we went through similar stages, there were intermediate corrections in the stock market by about 10% ”.
According to the latest statistics released by the Sentix research group, investor confidence in the Eurozone halted its upward trajectory and fell more than predicted in August.
US Dollar Index Gains Strength
During the Asian session on Monday, the US Dollar Index (DXY), which gauges the USD’s performance against a basket of six major currencies, gained more than 5% to 92.92, its highest level in two weeks. The DXY is maintaining its gains at 92.80 as of this writing.
After solid economic data and progress on infrastructure expenditure, the US dollar accelerated its positive trend. The US dollar index increased to $92.85, up from last week’s low of $92.50. According to data released on Friday, the economy added more than 900,000 jobs in July, while the jobless rate fell to 5.3 percent.
Meanwhile, the Senate moved closer to approving a $1 trillion infrastructure package that would increase road and bridge construction, support Amtrack, and invest in clean energy. Nonetheless, the bill’s economic impact will be limited because it would be phased in over 10 years. The EURUSD exchange rate fell to 1.1742, its lowest level since late July. The pair fell below the 5-day moving average on the four-hour chart, while the RSI fell below the neutral line.
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