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Slight Beat on Consumer Confidence Offers Pause in USD/JPY Skid

Slight Beat on Consumer Confidence Offers Pause in USD/JPY Skid

2013-08-27 14:38:00
Christopher Vecchio, CFA, Senior Strategist
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THE TAKEAWAY: Consumers may be slowing larger scale purchases but remain confident > Core consumption trends likely to remain in tact in August > Higher rates not shaking sentiment > USDJPY BULLISH

The Japanese Yen has been surging all night against the US Dollar in thin markets amid uncertainty among investors – Will the Fed taper QE3? Are the United Kingdom and the United States about to lead military action against Syria? – but data out of the United States this morning has put a brake on the skids.

The Conference Board’s gauge of US consumer sentiment rebounded in August to 81.5, but remains below the yearly high set in June at 82.1. Considering recent economic data and performance of US equities since June, the fact that consumers remain confident bodes well for spending going forward (confidence is often viewed as a proxy for consumption).

- Consumer Confidence (AUG): 81.5 versus 79.0 expected, from 81.0 (revised higher from 80.3)

Read more: Dollar Starts Week Mixed as Taper Speculation Becomes Data-Centric

EURUSD 1-minute Chart: August 27, 2013

Slight_Beat_on_Consumer_Confidence_Offers_Pause_in_USDJPY_Skid_body_x0000_i1027.png, Slight Beat on Consumer Confidence Offers Pause in USD/JPY Skid

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the release, the USDJPOY rallied from ¥97.40 to as high as 97.51, but had faded and traded as low as 97.26 soon after. At the time this report was written, the pair was trading at 97.30.

--- Written by Christopher Vecchio, Currency Analyst

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

Follow him on Twitter at @CVecchioFX

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