FX.co ★ Eurozone Consumer Confidence Weakens Unexpectedly

Euro area consumer confidence unexpectedly eroded in June, after a modest improvement in the previous month, preliminary survey data from the European Commission showed Wednesday.

The flash consumer confidence dropped to -23.6 from -21.1 in May. Economists had forecast a score of -20.5. The reading was the lowest since April 2020, when it was 24.4.

The corresponding index for the EU also dropped in June, to -24.0 from -22.2 in May.

Both indicators are well below their long-term averages of -11.0 and -10.6, respectively, and closer to the record low recorded in April 2020, at the beginning of the COVID-19 pandemic, the commission said.

The survey was conducted from June 1 to 21.

The final figures for consumer confidence are set to be released along with the monthly economic sentiment survey results on June 29.