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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

Yash Gandhi, Christopher Vecchio, CFA,

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

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

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 research@dailyfx.com

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

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