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US Dollar Falls As Consumer Confidence Drops In June to Lowest This Year

US Dollar Falls As Consumer Confidence Drops In June to Lowest This Year

Tzu-Wen Chen, Technical Strategist

THE TAKEAWAY: [U. of Michigan Confidence Survey Index drops in June to lowest this year, snaps nine-month climb] > [Slowing job growth and declining stock values may dampen consumer spending] > [USD weakens]

U.S. consumer confidence took a tumble in June to its lowest level this year, snapping a nine-month climb to its highest level last month since October 2007. Preliminary readings indicated that the Thomson Reuters / University of Michigan Confidence Survey Index (MCSI) dropped to 74.1 in June from 79.3 registered in May. The consensus forecast according to 66 economists surveyed by Bloomberg News had called for a print of 77.5.

Consumer sentiment declined as the rate of job growth in the U.S. slowed for the fourth consecutive months and as wages failed to keep up with the pace of inflation. With Europe’s debt crisis dampening share prices, there is an increased risk that consumer spending will stagnate as households worry over dropping stock values and declining job growth.

AUDUSD 1-minute Chart: June 15, 2012

US_Dollar_Falls_As_Consumer_Confidence_Drops_In_June_to_Lowest_This_Year_body_Picture_2.png, US Dollar Falls As Consumer Confidence Drops In June to Lowest This Year

Chart created using Market Scope – Prepared by Tzu-Wen Chen

The U.S. dollar weakened against the Australian dollar in the minutes following the release of the confidence index, slipping by as much as 23 pips. The larger-than-expected decline in consumer confidence adds to increased risk of stagnating household spending, and bolsters support for further quantitative easing by the Federal Reserve to boost economic growth, which works against the strength of the U.S. dollar. At the time of this report, the greenback was trading lower against the Aussie, with the AUDUSD pair trading at $1.0047.

--- 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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