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31 Mar 2015
USD supported by stronger than expected consumer confidence data – KBC
FXStreet (Barcelona) - USD showed signs of slowing in the run-up to US trading session, but the stronger than expected consumer confidence release is supporting the USD and fuelling further volatility into equities and the dollar trade, notes KBC Bank.
Key Quotes
“US Conference Board’s consumer confidence rebounded from an upwardly revised 98.8 to 101.3 in March, instead of an expected stabilization. The improvement was entirely based in expectations, while the present situation index dropped slightly.”
“Today, USD trading more or less continued along yesterday’s pattern. Initially, the dollar was well bid and equities traded strong too.”
“The decline of the euro was reinforced by disappointing EMU data. Fortunes for the dollar changed (a bit) as sentiment on risk turned negative later in the session. However, a strong US consumer confidence release is keeping the dollar near the short‐term highs.”
“The positive USD momentum slowed in the run‐up to the US trading session. Deteriorating sentiment on risk apparently weighed slightly on the US currency.”
“US equities opened lower (about 0.4%) and the Chicago PMI was much weaker than expected.”
“However (currency) markets didn’t know which conclusion to draw especially as the US consumer confidence was reported much stronger than expected. Trading in equities and in the dollar remains quite volatile after the US consumer confidence release.”
Key Quotes
“US Conference Board’s consumer confidence rebounded from an upwardly revised 98.8 to 101.3 in March, instead of an expected stabilization. The improvement was entirely based in expectations, while the present situation index dropped slightly.”
“Today, USD trading more or less continued along yesterday’s pattern. Initially, the dollar was well bid and equities traded strong too.”
“The decline of the euro was reinforced by disappointing EMU data. Fortunes for the dollar changed (a bit) as sentiment on risk turned negative later in the session. However, a strong US consumer confidence release is keeping the dollar near the short‐term highs.”
“The positive USD momentum slowed in the run‐up to the US trading session. Deteriorating sentiment on risk apparently weighed slightly on the US currency.”
“US equities opened lower (about 0.4%) and the Chicago PMI was much weaker than expected.”
“However (currency) markets didn’t know which conclusion to draw especially as the US consumer confidence was reported much stronger than expected. Trading in equities and in the dollar remains quite volatile after the US consumer confidence release.”