Euro Trading Higher Despite Consumer Confidence Decline

The Euro (EUR) is trading higher on Monday, opening the week with a positive performance amid a decline by the U.S. (USD) that is seeing increased selling pressures for profit-making after surging to a nine-month high last week.

The European currency’s rise comes despite a recent slump in Eurozone consumer confidence this month, according to data released earlier today by the European Commission.

Eurozone consumer confidence declined to -5.3 in August, down from -4.4 in July.

The EUR/USD pair is up for the day by 0.35% at 1.1739 after moving in an upward trend in the positive territory for most of the day, going from a low of 1.1693 to a high of 1.1743, after closing last week in losses at 1.1698.