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US Government Shutdown Sinks October Consumer Confidence, Dollar Slides Temporarily

US Government Shutdown Sinks October Consumer Confidence, Dollar Slides Temporarily

2013-10-29 15:23:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Talking Points:

- Worst slump in confidence since August 2011 – the last near-breach of the US debt limit.

- Components suggest that confidence is eroding for the rest of 2013.

- US Dollar sees temporary losses against the Yen

US consumer confidence had its biggest drop in over two years, as the US government shutdown for the first time since 1996/1997. The release aligns neatly with the idea that the US economy had started to slow by the end of the summer; and now fears that the government shutdown would further weigh on the economy have been realized.

- Consumer Confidence (OCT): 71.2 versus 75.0 expected, from 80.0 (revised higher from 79.7).

- Expectations (OCT): 71.5 from 84.7.

USDJPY 1-minute Chart: October 29, 2013

US_Government_Shutdown_Sinks_October_Consumer_Confidence_Dollar_Slides_Temporarily_body_Picture_1.png, US Government Shutdown Sinks October Consumer Confidence, Dollar Slides Temporarily

Charts Created using Marketscope

The US Dollar saw a small and temporary decline against the Japanese Yen following the release, before quickly paring the losses. The 200-day moving average may be providing support at 97.43, while USD/JPY may see resistance by a monthly high at 99.00.

--- 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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