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University of Michigan Confidence Survey Revised Higher for February

University of Michigan Confidence Survey Revised Higher for February

2014-02-28 15:17:00
Benjamin Spier, Technical Strategist
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  • University of Michigan Confidence revised higher for February
  • USD/JPY rises 8 pips

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

The University of Michigan Confidence Survey rose to 81.6 in a final estimate for February, higher than a previous estimate for 81.2, which was also the survey’s result for January.

The consumer confidence survey followed a GDP release this morning, which reported 2.4% annualized growth for Q4, slightly below expectations for 2.5% growth. Fed Chair Yellen said earlier this month that only a notable change in the economic outlook could prompt a slowdown in the economy. Therefore, the improved confidence survey supports the view of continued tapering and should support US Dollar buying.

That’s why the US Dollar rose 8 pips against the Japanese Yen following the release. The rise was not particularly notable on a longer-term outlook, and USD/JPY may next sees resistance by the 4-week high at 102.70.

New to Forex? Watch this video

USD/JPY 1-Minute: February 28, 2014

University_of_Michigan_Confidence_Survey_Revised_Higher_for_February_body_Picture_1.png, University of Michigan Confidence Survey Revised Higher for February

Chart created by Benjamin Spier using Marketscope 2.0. Add DailyFX Support/Resistance to your charts at FXCM Apps.

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

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