The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
USD: are American consumers confident enough?
CB Consumer Confidence index will be announced at 17:00 MT time on Tuesday.
Instruments to trade: EUR/USD, USD/GBP, AUD/USD, USD/JPY
These days don’t seem too eventful in terms of planned economic meetings or announcements on the global scale. That’s good: it gives us time to look at many other indicators, apart from the usual labor statistics, inflation, and interest rates. One of these is consumer confidence. Although it does not move the currency prices as intensely as the primary indicators do, it may still have its effect if it significantly deviates from expected levels. CB Consumer Confidence index is a summary of a questionnaire done with 5000 households. They inform on the economic outlook, current conditions, spending, and business environment. If the indicator overshoots the forecast, it supports the national currency. Hence, we are yet to see how confident the US consumers are about their country’s economy.
- If CB Consumer Confidence index outperforms the forecasts, the USD will gain;
- If CB Consumer Confidence index underperforms, the USD will drop.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
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