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U.S. Consumer Sentiment Up, as U. of Michigan Survey Jumps to 74.0

U.S. Consumer Sentiment Up, as U. of Michigan Survey Jumps to 74.0

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U. of Michigan Confidence Survey at 7-month high] > [Household Sentiment Lifts] > [USDollar bullish]

U.S. consumer sentiment hit a seven-month high in January, advancing from 69.9 to 74.0 in January. The latest figure came in well above the anticipated increase of 71.5, boosted by the slower rate of inflation over recent months and a pickup in private sector activity.

EUR/USD 1-minute Chart: January 13, 2012

U.S._Consumer_Sentiment_Up_as_U._of_Michigan_Survey_Jumps_to_74.0_body_Picture_1.png, U.S. Consumer Sentiment Up, as U. of Michigan Survey Jumps to 74.0

Chart created using Strategy Trader– Prepared by Tzu-Wen Chen

In terms of price action, the U.S. dollar saw a significant gain against the Euro. However, this surge was largely attributed to the news of a possible downgrade of France’s credit rating by S&P, resulting in the market flocking to the safety of the U.S. dollar.

USD//JPY 1-minute Chart: January 13, 2012

U.S._Consumer_Sentiment_Up_as_U._of_Michigan_Survey_Jumps_to_74.0_body_Picture_4.png, U.S. Consumer Sentiment Up, as U. of Michigan Survey Jumps to 74.0

Chart created using Strategy Trader– Prepared by Tzu-Wen Chen

Looking to the Japanese yen, the USD/JPY pair looked largely unaffected by the latest University of Michigan Confidence survey release. Market activity has largely been overshadowed by the earlier news of a possible downgrade of France’s credit rating.

While the higher household sentiment could prop up the U.S. dollar, the gaining pace of the U.S. economic recovery could limit the prospects for the Federal Reserve’s scope to conduct another round of quantitative easing. However, the ongoing ‘sluggishness’ of the housing market and slowdown in wage growth may weigh on confidence, and the Federal Reserve may show an increased willingness for further easing in an effort to encourage a sustainable recovery.

--- Written by Tzu-Wen Chen DailyFX Research

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

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