US DOLLAR FALLS AFTER CONSUMER CONFIDENCE TOPS MARKET FORECAST
- US Greenback has perked up as month-end and quarter-end rebalancing flows weigh
- USD worth motion simply pivoted decrease following spectacular client confidence knowledge
- FX merchants eye congressional testimonies from Fed Chair Powell and Treasury Secretary Mnuchin
The US Greenback simply took a tumble in response to client confidence knowledge launched by the Convention Board for June 2020. USD worth motion has began to edge decrease doubtless because of the better-than-expected client confidence report, which appears to have rejuvenated urge for food for threat and safe-haven forex promoting stress.
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CONSUMER CONFIDENCE UP DESPITE LINGERING CORONAVIRUS CONCERNS, FUTURE OUTLOOK STILL SANGUINE
In keeping with the DailyFX Financial Calendar, the median economist estimate was 91.5 for the headline client confidence element, however the precise studying got here in at a a lot rosier print of 98.1 from the prior 86.6 determine. Apparently, client confidence and future outlook stays resilient regardless of a sobering re-acceleration within the variety of new virus circumstances.
USD PRICE ACTION EYES FED CHAIR POWELL & TREASURY SECRETARY MNUCHIN CONGRESSIONAL TESTIMONY
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As month-end and quarter-end rebalancing flows weigh on market exercise, merchants may also doubtless pay shut consideration to approaching congressional testimonies from Jerome Powell, Federal Reserve Chair, in addition to Steven Mnuchin, US Treasury Secretary.
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Along with the most recent client confidence report, anticipated commentary from Powell and Mnuchin stand to weigh materially on USD worth motion as effectively, which might catalyze added forex volatility within the US Greenback and main forex pairs. Fed Chair Powell is slated to kick-off the testimony and ship remarks to congress later at present at 16:30 GMT.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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