Well the most awaited piece of news so far this week has not been good to the USD. US Consumer Confidence in January fell from 65.1 previoulsy to 58.6 this month. This was well below the consensus of 64.0.
The reaction has been interesting to this point. We saw the EUR move higher before the release approaching the 1.3500 area, but since 10 am, the EUR has eased back a bit.
This is not what many traders had expected and there will certainly be concerned now that the FED may continue QE longer than had previously been expected.
Further reading:Â Traders are expecting more QE in the foreseeable future
