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Dollar Lifted as August U. of Michigan Confidence Index Revised Higher

Dollar Lifted as August U. of Michigan Confidence Index Revised Higher

2013-08-30 14:50:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- US consumers better off than previously estimated.

-Confidence below July level, in line with rising interest rates.

- EURUSD BEARISH

The US Dollar has seen a kick higher this morning amid signs that US consumers are weathering the recent patch of softer economic activity. The final U. of Michigan Consumer Confidence survey for the month of August ticked slightly higher to 82.1, but remained the previous month (and yearly high) of 85.1.

Here are the figures driving US Dollar price action:

- U. of Michigan Confidence (AUG F): 82.1 versus 80.5 expected (initial 80.0), prior 85.1.

From earlier today, these data proved to be a bit of a drag on the US Dollar as US Treasury yields slipped:

- Personal Income (JUL): +0.1% versus +0.2% expected, from +0.3% (m/m)

- Personal Spending (JUL): +0.1% versus +0.3% expected, from +0.6% (revised lower from +0.5%) (m/m)

- PCE Core (JUL): +1.2% versus +1.3% expected, from +1.2% (y/y)

Read more: Euro Lacks Direction amid Improved Labor Data; GBP Best in August

EURUSD 1-minute Chart: August 30, 2013

Dollar_Lifted_as_August_U._of_Michigan_Confidence_Index_Revised_Higher_body_Picture_1.png, Dollar Lifted as August U. of Michigan Confidence Index Revised Higher

Charts Created using Marketscopeprepared by Christopher Vecchio

Nevertheless, despite mixed/softer secondary US Data earlier in the day, the US Dollar now finds itself sitting at or near session highs against most of its major counterparts as forex traders rebalanced their books at the end of the month.

The EURUSD slipped from near $1.3220 ahead of the release to as low as 1.3202. At the time this report was written, the EURUSD was trading at 1.3205.

--- 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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