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US Dollar Rallies to Highest Level in Two-weeks After Confidence Report

US Dollar Rallies to Highest Level in Two-weeks After Confidence Report

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: USD U. of Michigan Confidence (AUG P), Leading Indicators (JUL) > both reports beat expectations > EURUSD BEARISH

After yesterday’s disappointing round of US economic data, optimism is back afoot to end the week as both important US data releases beat expectations. At 09:55 EDT / 13:55 GMT, the preliminary August U. of Michigan Consumer Confidence report was released, and the actual of 73.6 beat the consensus forecast of 72.3. This is the highest such reading since May, when the gauge read 79.3.

At 10:00 EDT / 14:00 GMT, the Leading Indicators report for July showed that conditions improved by +0.4%, covering the -0.4% of contraction the indicator showed in June. Overall, the US Leading Indicators have grown by +1.1% in 2012; through June, the gauge was up +0.7%.

EURUSD 1-minute Chart: August 14, 2012

US_Dollar_Rallies_to_Highest_Level_in_Two-weeks_After_Confidence_Report_body_Picture_1.png, US Dollar Rallies to Highest Level in Two-weeks After Confidence Report

Charts Created using Marketscope – Prepared by Christopher Vecchio

In reaction to the better than expected US data, the US Dollar rallied across the board, but most notably against the Euro and the Japanese Yen. The EURUSD fell from 1.2326 to as low as 1.2298 in the minutes following the release, before rebounding slightly to 1.2303, at the time this report was written. The USDJPY experienced similar USD-bullish price action, as the pair rallied up from 79.47 to as high as 79.57, before prices retreated to 79.51.

Overall, the US Dollar has put in a strong week, with the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rallying to its highest level since August 3, the day preceding the market rally predicated on promises set forth by European Central Bank President Mario Draghi. The Dollar Index is now up +0.47% on the day and is up +0.79% from last Friday’s close.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to cvecchio@dailyfx.com

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

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