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Dollar Down as U. of Michigan Confidence Sets a 5 Month Low

Dollar Down as U. of Michigan Confidence Sets a 5 Month Low

Benjamin Spier, Technical Strategist
  • U of Michigan confidence index reaches a 5-month low
  • US Dollar traders look to next week’s Fed meeting
  • USD/JPY declines following index disappointment

Want to trade with proprietary strategies developed by FXCM? Find out how here.

A sharp decline in the University of Michigan Confidence Index sent the US Dollar 30 pips lower against the Japanese Yen. The consumer sentiment index set a 5 month low at 76.8 in September, lower than an expected 82.0 index result and down from 82.1 in August.

US data over the past few weeks has shown mixed results. The NFP changes expanded by 169 thousand in August, slightly disappointing expectations, and labor participation was reported at a 35 year low in August. However, the ISM manufacturing climbed to a two year high, while the ISM for services declined to a two year low. Market anticipation is building for next week’s Fed meeting, where majority of Bloomberg surveyed economists are expecting a taper of quantitative easing.

The US Dollar is trading around 99.30 against the Yen in Forex markets at the time of this writing. Support may be provided around 98.56, by the 38.2% retracement of the decline from the pair’s all time high to its all time low. Support for USD/JPY may be seen by the key 100.00 level.

New to Forex? Watch this video

USDJPY Daily: September 13, 2013

Dollar_Down_as_U._of_Michigan_Confidence_Sets_a_5_Month_Low_body_usdjpy.png, Dollar Down as U. of Michigan Confidence Sets a 5 Month Low

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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