The euro slipped against the other major currencies on Tuesday’s European session, after data showed that German economic confidence weakened for the seventh consecutive month in July, signaling concerns over economic growth of Europe’s largest economy.
The survey results from the Mannheim-based Centre for European Economic Research/ZEW showed that Germany’s economic sentiment index fell 2.7 points to 27.1 in July. The score was expected to fall to 28.2.
The survey showed that assessment of current economic situation declined by 5.9 points to 61.8 in July.
Meanwhile, economic sentiment in euro area decreased 10.3 to 48.1 in July. Likewise, current conditions fell by 3.8 points to -31.5.
The Fed Chair Janet Yellen will testify before Senate Banking Committee today and the House Financial Services Committee on Wednesday. Her comments are closely watched for clues about the state of the economy and on timings of interest ratehikes.