Summary:
- USD making steady gains against most peers
- Conference Board consumer confidence 126.4 vs 128 exp
- Index remains near record highs
The US dollar has moved higher in the past hour with the buck now making gains against nearly all of its peers on the day. Recent sessions have seen a pullback in the USD after a sustained push higher, but it appears for now that USD bulls aren’t willing to give up easily. Even a slight miss in the latest consumer confidence figures has failed to halt the rise, with the market seemingly shrugging off the data.
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The USD is only losing any significant ground to the TRY today, with steady gains seen against all its major peers. Source: xStation
Turning our attention to the data itself, the latest Conference Board consumer confidence figures for June came in at 126.4 vs 128.0 expected. The previous reading of 128.0 was revised higher to 128.8 and it is also worth pointing out that the metric remains high by historical standards.
Despite the recent miss in the CB consumer confidence print it remains close to record highs and support the UoM reading in suggesting a high level of positivity amongst US consumers. Source: XTB Macrobond
Looking at individual USD crosses, we earlier noted that possible case for a move higher in the GBPUSD, so let’s now look at another USD pair; the USDJPY. After hitting its lowest level in a fortnight yesterday, the market rallied towards the end of the US session to show a fairly long wick below price. Today’s price action has been similar with another dip lower being bought and price is now back near its highest level of the week. The EMAs have converged and with price in close proximity this could be an interesting area to watch with possible support found in the region around 109.40.
USDJPY has looked to turn lower lately, but buyers have bought the dips with wicks seen below the last 2 daily candles. Source: xStation
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