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
Subscribe
Please try again
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @KyleR_IG: With the @RBAInfo meeting minutes today, I had a look at a few $AUD/USD correlations. It's clearly been a commodity price an…
  • The US Dollar is looking increasingly vulnerable to ASEAN FX, with USD/SGD and USD/THB breaching key support. USD/IDR is eyeing a Rising Wedge, USD/PHP may face February lows. Get your $USD market update from @ddubrovskyFX here:https://t.co/7rSQztIR8z https://t.co/PUNeByV2Ls
  • EUR/USD rocketed higher during early trade, reclaiming the 1.20 handle $EURUSD https://t.co/G04a5892IB
  • @ddubrovskyFX 'The Four Candle Phenom'
  • AUD/USD appears to be on track to negate the head-and-shoulders formation from earlier this year as it clears the opening range for April. Get your $AUDUSD market update from @DavidJSong here:https://t.co/kG7JGNLyve https://t.co/XB5eu2zH53
  • @JohnKicklighter One Bear Pennant coming right up! https://t.co/RVTxa123bH
  • Anyone doing any good technical analysis on $COIN yet?
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.08% 🇯🇵JPY: 0.60% 🇨🇭CHF: 0.50% 🇪🇺EUR: 0.46% 🇦🇺AUD: 0.32% 🇨🇦CAD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hSubj68ZHD
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.08% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BJga7KvgMr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uK7z1OwAvN
US Dollar Drops on Consumer Confidence Miss Ahead of FOMC

US Dollar Drops on Consumer Confidence Miss Ahead of FOMC

Rich Dvorak, Analyst

US DOLLAR PRICE ACTION EDGES LOWER AS CONSUMER CONFIDENCE REPORT DISAPPOINTS

  • The US Dollar Index dropped toward session lows immediately following the consumer confidence index release for October
  • USD price action remains focused on a highly anticipated FOMC rate decision expected Wednesday
  • Enhance your market knowledge with our free Forecasts & Trading Guides available for download

US Dollar selling pressure picked up after the Conference Board’s US Consumer Confidence Index for October crossed the wires at 125.9, which compares to market estimates of 128.0 and prior reading of 125.1.

Forex traders pushed the US Dollar to session lows in response to the disappointing datapoint seeing that it also detailed further deterioration in consumer outlook with the future expectations component declining from 95.8 to 94.9.

One noteworthy excerpt from the October US Consumer Confidence report was how “expectations weakened slightly as consumers expressed some concerns about business conditions and job prospects.”

US DOLLAR INDEX PRICE CHART: 5-MINUTE TIME FRAME (OCTOBER 29, 2019 INTRADAY)

US Dollar Index Price Chart Reaction to Consumer Confidence Report October 2019

Chart created by @RichDvorakFX with TradingView

I noted in the US Dollar Price Volatility Report published yesterday that the USD price action could come under pressure if consumer confidence data spooked traders considering that the US consumer is the crux of the American economy.

Nevertheless, the headline consumer confidence index remains firm with current conditions improving marginally from 170.6 to 172.3. Also, it is worth mentioning that the market’s reaction to this morning’s US Consumer Confidence report is relatively muted ahead of the upcoming FOMC interest rate decision on deck for Wednesday’s trading session at 18:00 GMT.

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES