News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here: https://t.co/gWOxdqk8OL https://t.co/gBMgF0YNjH
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/5gsZQfX6aG
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/DwkK9F9FCJ
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/30/Gold-Technical-Forecast-Election-Raises-Volatility-Risk-But-Support-Holds.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5hgGEojvIE
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/Frmn9y6yKJ
  • US #COVID19 cases hit a record for a second consecutive day -BBG
USD Muted After Consumer Confidence Figures, Eyes on NFP

USD Muted After Consumer Confidence Figures, Eyes on NFP

2018-05-29 14:33:00
Justin McQueen, Analyst
Share:
  • US Consumer Confidence Hovers at Historic Highs
  • USD sees Muted Reaction from Data Release, Eyes on US NFP.

For a more in-depth analysis on the USD, check out the Q2 Forecast for USD

US Consumer Confidence Remains at Historically High Levels

The US Consumer Confidence Index printed in line with expectations at 128 for May, up from a revised 125.6. The Conference Board highlighted that consumers assessment of current conditions increased to a 17-yr peak at 167.5, indicating that the level of economic growth in Q2 is likely to have improved from Q1. Overall, confidence among consumers remain at historically high levels, despite the backdrop of trade wars between the US and China.

Labour Market Outlook

Consumers view on the labour market had been somewhat mixed with the proportion of those expected more jobs in the upcoming months rising to 19.7% from 18.6%, while those expecting fewer jobs rising from to 13.9% from 13.2%. A greater indication of the current labour market will be seen on Friday with the release of the latest US NFP report, expectations are for 188k.

Reminder: DailyFX Analyst’s David Song and Paul Robinson will provide live coverage of the NFP report from 12:15GMT, to register, click here

USD PRICE CHART: DAILY TIME FRAME (August 2017-May 2018)

USD Muted After Consumer Confidence Figures, Eyes on NFP

Chart by IG

Given the fact that the US Consumer Confidence data does not typically instigate significant price action, the greenback saw a very muted reaction upon release. The USD has largely been supported by the weakness observed in the Euro on the back of Italian political woes, as such, the greenback is looking at making a test towards October highs.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES