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U. of Mich Confidence Index Beats at 94.6; USD/CAD Buoyant

U. of Mich Confidence Index Beats at 94.6; USD/CAD Buoyant

Christopher Vecchio, CFA, Yash Gandhi,

Talking Points:

- USD U. of Michigan Confidence (JUN) comes in at 94.6 vs 91.4 estimated.

- Current economic condition and expectations both improve.

- USDCAD sees a slight reaction trading at C$1.2326 at the time of writing

The June US U. of Michigan Confidence Index, a monthly telephone survey relaying consumer sentiment, came in at 94.6 vs. the 91.4 estimated, according to a Bloomberg News survey. This represents a +3.9 increase from the 90.7 level that was reported in May. The U. of Michigan index has become a valuable tool for investors because it produces an assessment on consumer spending.

The index provides a general idea into the health of the economy. A rising U of Michigan Confidence Index indicates a rise in income or wages followed by an upturn in consumer spending. Conversely, a low, or falling consumer confidence represents a decline in consumer spending which predicates a downturn in the economy. Overall, the release of today’s report has been met with positivity by the US Dollar.

Here's a summary of the sentiment report:

- USD U. of Michigan Confidence (JUN P): 94.6 versus 91.2 expected, from 90.7.

- USD U. of Mich. Current Conditions (JUN P): 106.8 from 100.8.

- USD U. of Mich. Expectations (JUN P): 86.8 from 84.2.

See the DailyFX Economic Calendar for Friday, June 12, 2015.

USDCAD 1-minute Chart: Friday, June 12, 2015

After a positive May US Nonfarm Payrolls report in the previous week, most economists believed the U. of Michigan confidence would increase. USDCAD saw a slight positive reaction to the news with the pair trading at C$1.2326 at the time of writing.

Read more: Key Technical Levels Remain for USD-pairs as Week Ends

--- Written by Yash Gandhi, DailyFX Research, and Christopher Vecchio, Currency Strategist

To contact the author of this report, please email

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