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USD Breaking News: CB Consumer Confidence Declines for Second Month, DXY Moves Lower

USD Breaking News: CB Consumer Confidence Declines for Second Month, DXY Moves Lower

Richard Snow, Analyst
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CB Consumer Confidence

  • The Conference Board Consumer Confidence Index® decreased in for a second month of declines. The Index now stands at 100.2 down from 102.2 in October.
  • DXY moves lower after the report, back towards the daily zone of support, formerly resistance.
  • The analysis in this article makes use of chart patterns and key support and resistance levels. For more information visit our comprehensive education library
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CB Consumer Confidence Drops for Second Month in a Row

The Present Situation Index—based on consumers' assessment of current business and labor market conditions—decreased to 137.4 from 138.7 last month.

The Expectations Index—based on consumers' short-term outlook for income, business, and labor market conditions—declined to 75.4 from 77.9.

Digging a little deeper into the Present Situation Index, expectations of 'good' economic conditions rose, while expectations of 'bad' economic conditions declined - revealing that the largest driver of the overall drop in the CB consumer confidence data came from pessimistic expectations for the short term (6 months).

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Consumer confidence is believed to have declined on higher gas and food prices. This, added with increased signs of slowing economic activity by big ticket items like homes, sees overall conditions deteriorate. The US dollar continues to sway according to market sentiment after the November 10th US CPI print and continued to respond to news flow yesterday, rising higher as the Fed released its group of ‘hawks’ ahead of Fed Chair Powell’s anticipated appearance tomorrow.

Immediate US Dollar Basket (DXY) Reaction

DXY breached above the daily range ahead of the data print and turned sharply lower in the moments after, back towards the prior zone of resistance (blue rectangle).

US Dollar Basket 5-Minute Chart

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Source: TradingView, prepared by Richard Snow

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

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

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