Eurozone Economic Sentiment Indicator improves 102.8 in January vs. 101.8 expected

• Consumer and business sentiment improves slightly in euro area.
• Euro clings to modest daily gains against greenback.

The economic sentiment in the euro area strengthened in January with the European Commission's Economic Sentiment Indicator rising to 103.8 from 101.3 in December. This reading came in better than the market expectation of 101.8.

Further details of the report revealed that the Consumer Confidence Index remained unchanged at -8.1 as expected, the Industrial Confidence Index rose to -7.3 from -9.3 and the Services Sentiment Index edged lower to 11 from 11.3.

EUR/USD reaction

The shared currency's reaction to the data was muted and the EUR/USD pair was last seen trading at 1.1020, adding 0.1% on a daily basis.