Consumer seem more confident that estimations: the CB figure rose to 103 points, defying expectations for a drop to 103. Despite a minor downwards revision of August from 101.5 to 101.3 points, this is certainly good news.
EUR/USD ticks down in the range and USD/JPY ticks down. The immediate reaction is not extraordinary, but every little bit helps to cheers the global mood, which hasn’t been so good, to say the least.
The Conference Board’s consumer confidence measure for September was expected to slide to 96.1 points after 101.5 in September.
Towards the release, there was an ease in the “risk aversion†atmosphere: The euro and the yen lost some ground to the dollar while commodity currencies gained against it.
The low expectations for consumer confidence came after a similar survey from the University of Michigan showed a big drop in confidence during the month of September, despite a small upwards revision in the final read.
Even though the correlation between consumer sentiment and actual spending (as seen in retail sales) is questionable, these publication have an impact on markets.
More:
- Sell Rallies In EUR/USD – ANZ
- Traders Don’t Be Surprised, The EUR Will Rise – HSBC
