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US CB Consumer Confidence beats with 129.5 – USD looking good

US consumers are confident. Was Black Friday that great? In any case, a score of 129.5 is yet another high (best since the year 2000) and much better than 124 expected. The current situation component is up to 153.9 and the expectations  component is up to 113.3. In addition, the Richmond Manufacturing Index also exceeded expectations with a jump to 30, well above 14 predicted.  

The US dollar is extending its gains. EUR/USD is slipping to 1.1875, USD/JPY is up to 111.45, GBP/USD is at 1.3360 and also commodity currencies are succumbing to the might of the USD.

Here is how the move looks on EUR/USD:

The Conference Board was expected to report a small slide in consumers; confidence in November: 124 against 125.9 reported in October, which was a cycle high.

The US dollar was gaining ground ahead of the publication. The greenback was buoyed  by hopes for getting tax reform approved, stability at the Fed as promised by Powell and yesterday’s upbeat new home sales.

Earlier in the day, we learned that house prices according  to the Case Shiller Composite HPI rose by 6.2% y/y, marginally better than 6% expected but higher than 5.8% last month. The official US House Price Index disappointed by advancing by only 0.3% instead of 0.6% anticipated.

More:  EUR: potential end-of-year moves against USD, GBP, JPY

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.