Consumer confidence is on the rise and leaps to 90.9 points, above expectations. The Conference Board’s consumer confidence measure was predicted to tick up from 85.2 to 85.5 now in July. Update: last month’s number was now revised to 86.4 points.
The dollar strengthened towards the publication, with EUR/USD trading just above 1.3410, GBP/USD under 1.6940 and USD/JPY above 102. The initial is muted, probably due to the already stretched dollar positioning and the event awaiting us tomorrow. Update: eventually the dollar is slightly stronger.
Looking at the components, we see that current conditions advance to 88.3 from 86.3, expectations from 86.4 to 92.7 and inflation expectations from moved from 5.5% to 5.4%. Most numbers are positive.
Earlier, the S&P Case Shiller house price index disappointed with a rise of only 9.3% year over year, lower than 9.8% expected and 10.8% seen in the previous month. The rises in house prices are dropping.
Yesterday we had another disappointing number from the housing sector: a drop in pending home sales. On the other hand, Markit’s flash services PMI remained on high ground of 61 points, raising the expectations for a strong NFP.
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