We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇸🇬 GDP Growth Rate YoY Final due at 00:00 GMT (15min) Expected: -1.5% Previous: 1% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Heads Up:🇸🇬 GDP Growth Rate QoQ Final due at 00:00 GMT (15min) Expected: -7.4% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2020-05-26
  • 🇳🇿 Balance of Trade Actual: N$1267M Previous: N$722M https://www.dailyfx.com/economic-calendar#2020-05-25
  • 🇳🇿 Balance of Trade Actual: N$1,267M Previous: N$672M https://www.dailyfx.com/economic-calendar#2020-05-25
  • Heads Up:🇳🇿 Balance of Trade due at 22:45 GMT (15min) Previous: N$672M https://www.dailyfx.com/economic-calendar#2020-05-25
  • Crude oil prices wilted in Asia on Friday despite a strong start as news that China will impose more stringent control over Hong Kong saw a broad retreat for market risk appetite. Get your #oil market update from @DavidCottleFX here: https://t.co/89SH5T3315 https://t.co/awlGiVCVpc
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇦🇺AUD: 0.14% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.03% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WHghrcxnkR
  • RT @FirstSquawk: MORE THAN 90 COUNTRIES REQUEST IMF BAILOUT
  • Heads Up:🇰🇷 Consumer Confidence due at 21:00 GMT (15min) Previous: 70.8 https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.50% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kxAE18eIBf
Forex: U. of Michigan Confidence Rose; USDJPY Rallied

Forex: U. of Michigan Confidence Rose; USDJPY Rallied

2013-02-01 15:36:00
Renee Mu, Currency Analyst
Share:

THE TAKEAWAY: [U. of Michigan Confidence increased to 73.8 in January] > [US consumers gain more confidence after adjusting their spendings according to the new payroll tax] > [USDJPY Bullish]

The Reuters/U of Michigan final index of U.S. consumer sentiment rose to 73.8 in January following a fall to 72.9 in December from the highest level in five years in November. The U. of Michigan Confidence Index is considered as one of the best leading indicators for future consumption. 62 economists for a survey polled by Bloomberg News had projected a gauge of 71.5 in January after the preliminary reading of 71.3.

In another report released earlier this week, the January Consumer confidence fell short of expectations due the raise of payroll tax. It shows that Americans are curbing their consumption as their after-tax incomes decrease. The U of Michigan report coming in today, however, indicates a more optimistic outlook on the consumption as US families are trying to adjust their spending according to the new tax rates.

USDJPY 1-minute Chart: February 1, 2013

Forex_U_of_Michigan_Confidence_Rose_USDJPY_Rallied_body_Picture_1.png, Forex: U. of Michigan Confidence Rose; USDJPY Rallied

Chart created using Market Scope – Prepared by Renee Mu

In the minute after the U of Michigan Confidence report was released, the USDJPY jumped to 92.05 yen from 91.98 yen and continued rallying due the bullish data in ISM Manufacturing and Construction Spending right following. At the time of this report writen , the USDJPY had appreciated to 92.36 yen.

--- Written by Renee Mu DailyFX Research

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

DISCLOSURES

News & Analysis at your fingertips.