Euro area Economic Sentiment Indicator declines to 99.7 in February vs. 101 expected

• Economic Sentiment Indicator in the Eurozone declined modestly in February.
• EUR/USD continues to fluctuate in a tight range at around 1.0550.

The data published by the European Commission revealed on Monday that the Economic Sentiment Indicator in the Euro area edged lower to 99.7 in February from 99.8 in January, compared to analysts' estimate of 101, and remained unchanged at 97.8 in the EU.

Further details of the publication showed that the Industrial Confidence in the Euro area declined to 0.5 from 1.2, the Services Sentiment advanced to 9.5 from 1.4 and the Consumer Confidence Index came in at -19, matching the flash estimate.

Market reaction

EUR/USD showed no immediate reaction to these figures and was last seen trading virtually unchanged on the day at around 1.0550.