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US Dollar Edges Lower as Consumer Confidence Smashes Forecast

US Dollar Edges Lower as Consumer Confidence Smashes Forecast

Rich Dvorak, Analyst

US DOLLAR FALLS AFTER CONSUMER CONFIDENCE TOPS MARKET FORECAST

  • US Dollar has perked up as month-end and quarter-end rebalancing flows weigh
  • USD price action just pivoted lower following impressive consumer confidence data
  • FX traders eye congressional testimonies from Fed Chair Powell and Treasury Secretary Mnuchin

The US Dollar just took a tumble in response to consumer confidence data released by the Conference Board for June 2020. USD price action has started to edge lower likely due to the better-than-expected consumer confidence report, which seems to have rejuvenated appetite for risk and safe-haven currency selling pressure.

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CONSUMER CONFIDENCE UP DESPITE LINGERING CORONAVIRUS CONCERNS, FUTURE OUTLOOK STILL SANGUINE

Consumer Confidence Chart Historical Data Conference Board Actual and Future Expectations

According to the DailyFX Economic Calendar, the median economist estimate was 91.5 for the headline consumer confidence component, but the actual reading came in at a much rosier print of 98.1 from the prior 86.6 figure. Interestingly, consumer confidence and future outlook remains resilient despite a sobering re-acceleration in the number of new virus cases.

USD PRICE ACTION EYES FED CHAIR POWELL & TREASURY SECRETARY MNUCHIN CONGRESSIONAL TESTIMONY

USD Price Chart US Dollar Forecast

Chart created by @RichDvorakFX with TradingView

As month-end and quarter-end rebalancing flows weigh on market activity, traders will also likely pay close attention to upcoming congressional testimonies from Jerome Powell, Federal Reserve Chair, as well as Steven Mnuchin, US Treasury Secretary.

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In addition to the latest consumer confidence report, expected commentary from Powell and Mnuchin stand to weigh materially on USD price action as well, which could catalyze added currency volatility in the US Dollar and major currency pairs. Fed Chair Powell is slated to kick-off the testimony and deliver remarks to congress later today at 16:30 GMT.

-- Written by Rich Dvorak, 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.

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