- In this webinar, analyst Nick Cawley discusses trade set-ups in the USD before and after the July University of Michigan (UoM) sentiment data.
- Will the data continue push the USD lower or will it provide some much needed support for the Greenback?
The latest University of Michigan data showed consumer confidence hitting a post-Trump era low, hit hard by a sharp drop in the expectations index.
The confidence index fell to 93.1 from 95.1 while the expectations index slumped to 80.2 from 83.9 and against expectations of 84.4. The current conditions index however rose to 113.2 from 112.5 and against expectations of 112.0.
According to UoM chief economist Richard Curtin, “the data do not suggest an impending recession” and instead “are now consistent with just above 2% GDP growth in 2017.” He added that overall the data indicate an annual gain of 2.4% in personal consumption during 2017.
The USD, already weak from cooling inflation data, edged a touch lower against the EUR.
EURUSD One Hour Timeframe (July 10 – July 14, 2017)
Looking for other trading ideas? - - Get your free DailyFX Third-Quarter Trading Forecasts and Trading Guide here.
--- Written by Nick Cawley, Analyst
To contact Nick, email him at email@example.com
Don't trade FX but want to learn more? Read the DailyFX Trading Guides