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US consumer confidence beats expectations with 98 – USD

US consumers  are more confident in April: 98 points according to Reuters and the University of Michigan.  The conditions component beat with 115.2 points and expectations are up to 86.9. Inflation expectations remain unchanged at 2.5% for one year and 2.4% for five years.

The US dollar extends its recovery as we enter the last full trading hours before the long Easter weekend. Trading volume is expected to drop significantly on Good Friday.

  • EUR/USD is below the 1.0630 level at 1.0630
  • GBP/USD trades at 1.2515.
  • USD/JPY, charted below, is around 109.30.
  • USDCAD  is at 1.3240
  • AUD/USD  slides from higher ground to 109.30.
  • NZD/USD is struggling with 0.70.


The University of Michigan’s consumer confidence measure was expected to tick down from 96.9 to 96.5 points in April. The Conditions component carried expectations for a slide from 113.2 to 112.4 points. Expectations were predicted to slide from 86.5 to 86 points.

The US dollar was making a comeback after the Trump Tumble. The US President complained about the strength of the dollar, did not reiterate that Yellen will leave at the end of her term and also supported low interest rates. After the air pocket that the dollar fell through yesterday, it is gradually making its way up.

Earlier in the day, US jobless claims beat expectations and  remained on low ground, at 234K, 1K below last week’s upwards revised level of 235K. Previous releases were more worrying, above 250K.

In a separate publication, producer prices came out worse than expected: a drop of 0.1% m/m in the headline number and flat on the core figure.

The most recent CB Consumer Confidence measure, released in late March, pointed to a big leap in confidence, implying elevated retail sales in March. The publication eventually sent the dollar higher.

More:  EUR/USD makes a third higher low in 2017 – room for a rally?

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.