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High Consumer Sentiment Sends Dollar Up

The University of Michigan published the Prelim  Consumer Sentiment, and it was better than expected – 61.9 . This is above expectations that stood on 59.2.

A high figure like this shows optimism amongst American consumers, in the wake of a new year, and just before Barack Obama enters the White House.

This has affected Forex trading in the minutes after the announcement: the dollar has gained against the Euro, British Pound and Japanese Yen.

Note that  TIC Long-Term Purchases were under expectations, with a huge drop of 21.1 billion dollars, contrary to an expected rise of 11 billion.  Capacity Utilization was also disappointing at 73.6%.

Monthly Industrial Production  showed a worse than expected drop of 2%, significantly worse than the expected 0.9% fall.

All this bad news is now in the shadows due to the good consumer sentiment. This (almost) closes the week in Forex trading.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.