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  • The Hang Seng Index #HSI appears to face an immediate resistance at 29,870 (127.2% Fibonacci extension). Prices surged more than 3% before pulling back slightly in the afternoon trading session. Stock connections registered over HK$ 20 billion net southbound flow today. https://t.co/3J5JNIVopi
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US Credit Card Spending Down, But Student Loan Debt Still on the Rise

US Credit Card Spending Down, But Student Loan Debt Still on the Rise

Gregory Marks,

THE TAKEAWAY: US Consumer Credit for June $13.8B -> May revised $2.1B lower to $17.5B -> USD Flat

US Consumer Credit for the month of June came in at $13.8B, missing estimates of a $15.0B increase while the May print was revised downwards by $2.1B to $17.5B. Although a rise in consumer credit signals to some that the economy is improving (as consumers are more willing to take on debt for purchases of durable goods), it is important to note what kind of debt the US consumer is adding. Credit card borrowing decreased for the month of June, but student loan debt continues its dramatic and potentially dangerous rise.

US_Credit_Card_Spending_Down_But_Student_Loan_Debt_Still_on_the_Rise__body_Picture_3.png, US Credit Card Spending Down, But Student Loan Debt Still on the RiseUS_Credit_Card_Spending_Down_But_Student_Loan_Debt_Still_on_the_Rise__body_Picture_2.png, US Credit Card Spending Down, But Student Loan Debt Still on the Rise

The NY Federal Reserve estimate of total student loan debt is approaching $1 trillion.

Consumer Credit measures total financing for non-investment grade, durable goods over a one month period. These purchases may include automobiles and personal/retail loans. While the data presents an overview of purchases for more expensive goods, it is important to note that consumer credit does not include mortgages.

Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) (5-Minute Chart)

US_Credit_Card_Spending_Down_But_Student_Loan_Debt_Still_on_the_Rise__body_Picture_1.png, US Credit Card Spending Down, But Student Loan Debt Still on the Rise

Source: FXCM Marketscope

The Dollar remained relatively unchanged after the release and remains in a tight range following massive declines against most of the majors today.

Gregory Marks, DailyFX Research Team

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

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