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Disappointing Consumer Confidence Fails to Move US Dollar

Disappointing Consumer Confidence Fails to Move US Dollar

Benjamin Spier, Technical Strategist

Talking Points:

  • US consumer confidence falls to a four month low
  • Canada retail sales rise in July
  • USD/CAD unmoved by data

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US Consumer Confidence fell to a four month low in September, but the index result failed to significantly move the US Dollar in Forex trading. Consumer confidence was reported at 79.70, disappointing expectations for 79.9 and down from a revised 81.8 in August.

In other economic news, the Richmond Fed Manufacturing Index declined to 0 in September, disappointing expectations for 12. In Canada, retail sales rose 0.6% in July, slightly better than expectations for a 0.5% rise.

US Dollar traders remain focused on when the Fed will taper its stimulus, after the central bank went against expectations in September and left the 85 billion US Dollars of monthly quantitative easing unchanged. Therefore, disappointing US economic releases may now be USD negative, but that was not the case with this morning’s data. Other stories from the United States, like the nomination of a new Fed Chief and the upcoming debt ceiling, which may be as close as a week away, are also affecting greenback prices.

Furthermore, the US Dollar did not significantly move against the Canadian Dollar during the two releases, and the pair is trading around 1.0300 at the time of this writing. USD/CAD may see resistance at 1.0311, by the opening level following a weekend gap, relating to the withdrawal of Summers from the list of possible Fed candidates.

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USDCAD Daily: September 24, 2013

Disappointing_Consumer_Confidence_Fails_to_Move_US_Dollar_body_Picture_1.png, Disappointing Consumer Confidence Fails to Move US Dollar

Chart created by Benjamin Spier using Marketscope 2.0

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

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

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