Market Overview

FxPro: U.S. Consumer confidence and Richmond Fed near historical highs

The U.S. Consumer Confidence Index rose in September to 138.4. It’s a new record, since 2000, following a sharp improvement in expectations. Analysts has expected this index to decrease from 138.4 to 132.2. But now it’s just in a couple of steps from the historical highs on 144.7 (Jan 2000). High values are often a good indicator of household activity increasing, as consumers are confident in further improvement of the labour market rates of economic growth.

Meanwhile, Richmond Fed has risen to 29, which is also one step away from the historical highs of the entire history, since 1993 at level 30.

Strong macroeconomic data are believed to support the currency growth, suggesting more decisive steps by the Fed to raise the rate. However, immediately after publication the pressure on the US dollar intensified: EURUSD rushed to the re-test 1.18, trading near 1.1790 at the time of this review writing.

Article Rating
Rate this post