Eurozone: Consumer Confidence in April drops to -22.7 vs. -19.6 expected

The Consumer Confidence Index for the eurozone in April slumped to -22.7 in its flash estimate from -11.6 in March, the data published by the European Commission showed on Wednesday. This reading came in worse than the market expectation of -19.6.

"At −22.7 points (euro area) and −22.0 points (EU), both indicators fell to well below their long-term averages of −11.1 (euro area) and −10.4 (EU), and close to the record lows recorded during the Great Recession in 2009," the press release read. 

Market reaction

The Euro Stoxx 50 Index retreated from session highs after this data but was still up around 1% on the day at 2,818.50 points. Meanwhile, the EUR/USD pair was virtually unchanged on a daily basis at 1.0856.