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USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

2013-07-12 16:19:00
Kevin Jin,
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THE TAKEAWAY: AUDUSD intraday reaches lowest level since September 2010 > Dollar Index strengthens in attempt to run up to $10900

There were two noteworthy US economic data releases today. The first was Produce Price Index (YoY) (JUN), which came in at +1.7%, beating the Bloomberg News survey expectations of +1.6%. The second significant data piece relates to the important US consumer market. The U. of Michigan Consumer Confidence (JUN P) report came in at 83.9, slightly below the Bloomberg News survey expected 84.7.

Nonetheless, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) gains +65 (+0.60%) to $10881 at the time of writing. Equity markets are trading mixed: S&P -0.12%; Euro Stoxx -0.24%; FTSE +0.02%; Nikkei +0.23%; Hang Seng -0.75% at the time of writing.

AUDUSD 15-minute Chart: July 12, 2013

USD_Regains_Strength_Despite_U._of_Michigan_Consumer_Confidence_Miss_body_Picture_4.png, USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

Charts Created using Marketscopeprepared by Kevin Jin

The AUDUSD reached an intraday low of $0.8997, marking the lowest level since September 2010. The AUDUSD shortly rebounded from this level, trading roughly +50 pips higher at the time of writing.

GBPUSD 15-minute Chart: July 12, 2013

USD_Regains_Strength_Despite_U._of_Michigan_Consumer_Confidence_Miss_body_Picture_3.png, USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

Charts Created using Marketscopeprepared by Kevin Jin

The cable is trading -0.53% lower at the time of writing. The pair is trading down near $1.5000 at the time of writing. The pair did break below 1.5000 towards New York Open, but shortly rebounded.

EURUSD 15-minute Chart: July 12, 2013

USD_Regains_Strength_Despite_U._of_Michigan_Consumer_Confidence_Miss_body_Picture_2.png, USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

Charts Created using Marketscopeprepared by Kevin Jin

The EURUSD is -0.40% lower today at the time of writing, trading just below $1.3050. The pair did dip below 1.3000 shortly after New York Open.

USDJPY 15-minute Chart: July 12, 2013

USD_Regains_Strength_Despite_U._of_Michigan_Consumer_Confidence_Miss_body_Picture_1.png, USD Regains Strength Despite U. of Michigan Consumer Confidence Miss

Charts Created using Marketscopeprepared by Kevin Jin

The USDJPY remains below the psychologically important ¥100.00 level. Trading was mostly range bound today between 99.00 and 99.50, now heading into the upper end of that range at the time of writing. Price consolidated at 99.00 during most of Asian trading but was lifted hours into London trading.

--- Written by Kevin Jin, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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