Euro Area consumer morale highest since February 2022

The level of consumer confidence in the Euro Area has been the highest since February 2022 in June, the preliminary data by the European Commission showed.

The gauge of consumer confidence was reported at -14 in June, up from -14.3 in the preceding month.

In comparison, market consensus had pointed to an improvement to -13.6.

The higher level of confidence was mostly associated with the first interest rate cut by the European Central Bank in response to a gradual easing of inflationary pressure.

Meanwhile, consumer confidence in the European Union also improved in June, with the gauge coming in at a reading of -12.9.

Still, the consumer confidence indicator remained below its long-term average, according to the European Commission.

The Euro was little changed on the day against the British Pound, with the EUR/GBP currency pair last trading at 0.8461 ahead of preliminary Manufacturing and Services PMI data for June.