By Forex District – The Dollar rose sharply across the board after a report by The Conference Board showed consumer sentiment retreat in June. Data was unexpectedly weaker than estimates catching market participants by surprise. U.S. stocks turned lower after the news, damping demand for higher yielding assets.
U.S. consumer confidence fell to 49.3 in June, down from 54.8 in May. A market which was building confidence on sentiment readings, just received a sharp blow. The Present Situation and the Expectations Index declined to 24.8 from 29.7 and to 65.5 from 71.5, respectively.
“After back-to-back months of strong gains, Consumer Confidence retreated in June. The decline in the Present Situation Index, caused by a less favorable assessment of business conditions and employment, continues to imply that economic conditions, while not as weak as earlier this year, are nonetheless weak,” Lynn Franco, Director of The Conference Board Consumer Research Center said of the report.
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Our detailed commentary from last week both before and after the FOMC statement on Wednesday noted that we believe that the Fed’s comments would lead to USD strength in coming weeks. So far our theory has been tested as USD has fallen to levels that printed before the FOMC statement. EUR/USD is trading at 1.4110, ... ...
We have overlaid the below chart of daily price action in spot Gold with our favorite Bollinger Band (“BB”) settings. Within an overall trend of Gold moving higher, we have noted that recently any break through the midline (currently at 943.50) to the upside has been the start of a strong move higher. Moves through ... ...
By Forex Magnates – Capital Blu investors’ $17M mostly gone, authorities say Investigators have found only a fraction of the $17million that investors poured into a Central Florida-based currency-trading scheme called Capital Blu, according to the company’s court-appointed receiver. Less than $500,000 in cash has been recovered so far fro...
By Jade Gate / Forex District – Just like surfing the ocean waves, there is a right time of day to catch the incoming or outgoing Forex tide waves. When the time comes and “the surf is up”, there is also an exact right moment to harness the maximum power of the individual wave as ... ...
We are nearing the end of a very volatile week in the currency markets. Trying to find a big figure or two has been nearly impossible except for this past Monday. We are sticking with our theory of stronger USD for the coming weeks based on the US Fed’s statement this past Wednesday. (See our ... ...
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By DailyFX – The EURUSD, GBPUSD, and AUDUSD key levels remain intact. The US dollar bottoming scenario remains favored. ...
The US Federal Reserve prints it’s FOMC statement tomorrow at 2:15pm EST. After the Fed’s last FOMC announcement, we saw the futures markets price in a much higher expectation of the Fed increasing US short term interest rates by the end of 2009. Without going into the mechanics of futures, US Treasuries and the USD, ... ...
By FXStreet – U.S. stock markets have opened Tuesday’s session with moderate gains ahead of the release of two key reports on the housing markets. Euro and Pound are performing sharp recoveries as risk appetite returned. Dow Jones Industrials Index edges up 0.16% while the Nasdaq Index rises 0.39% and the S&P Index trades 0.36% ... ...
