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USDJPY Breaks 119.00 Handle on Strong U. of Michigan Confidence Data

USDJPY Breaks 119.00 Handle on Strong U. of Michigan Confidence Data

Tyler Amend,

Talking Points:

- U. of Michigan Confidence Index produces a 7 year high

- Low energy prices strengthen US consumer confidence

- USDJPY rises to 119.086 on strong US data

The U. of Michigan Consumer Sentiment Index beat analyst estimates of 89.5 with a headline reading of 93.8. The preliminary survey produced a 7 year high that marks the 5th consecutive advance of the index. Forward looking inflation expectations produced by the survey are predicting 2.9% inflation in December of 2015.Economic conditions and Economic outlook readings both rose to 105.7 and 86.1 respectively.

The trend of increasing consumer sentiment could be expected to continue in light of falling Oil prices and a comparatively robust US economy. While globally low energy prices may be a catalyst for increasing US consumer sentiment, it’s important to note that low energy prices could apply deflationary pressures and ultimately put the Fed’s interest rate hike timeline in question. This week’s large decline in Oil prices has put further pressure on Oil producers around the globe as more break even points are challenged and sector dynamics continue to change rapidly.

See the DailyFX economic calendar for next week's important events.

USDJPY 1-minute Chart: December 12th, 2014

USDJPY Breaks 119.00 Handle on Strong U. of Michigan Confidence Data

Charts Created using Marketscopeprepared by Tyler Amend

USDJPY charged through the 119.00 handle to a high of 119.086 powered by a strong U. of Michigan Consumer Confidence Index headline reading. The USDJPY’s rapid ascent that began in late October has largely been fueled by a strong dollar and a quickly contracting Japanese economy. Traders will be watching the USDJPY closely as we head into next week as Japan holds snap elections that have the potential to challenge Prime Minister Shinzo Abe and his practice of ‘Abenomics.’ The pair is currently trading around 118.896 at the time of this report.

--- Written by Tyler Amend, DailyFX Research

Follow the DailyFx Team on Twitter at @DailyFXTeam

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