The University of Michigan Consumer Sentiment Index surveys consumer attitudes and expectations about the US economy. An increase in consumer confidence is a positive sign about the health of the economy and is bullish for the US dollar. Update: US Consumer Sentiment slightly misses with 90.4 Here are all the details, and 5 possible outcomes for EUR/USD. Published on Friday at 14:00 GMT. Indicator Background The UoM Consumer Sentiment Index, which is released monthly, is an important leading economic indicator. It helps measure future spending behavior, and provides an indication of the level of optimism of the US consumer. The indicator is closely watched by analysts, as consumer confidence is closely linked to consumer spending, a key driver of economic growth. The index dipped to 89.5 points in June, short of the estimate of 93.7 points. The July report is expected to improve, with a forecast of 93.7 points. Sentiments and levels The Eurozone economy continues to struggle and inflation levels are very low. The BOE easing has added pressure on the ECB to take action. In the US, the sparkling payrolls report has given the dollar a broad boost. So, the overall sentiment is bearish on EUR/USD towards this release. Technical levels, from top to bottom: 1.1335, 1.1230, 1.1190, 1.1140, 110.70 and 1.10 5 Scenarios Within expectations: 90.0 to 98.0: In such a case, EUR/USD is likely to rise within range, with a small chance of breaking higher. Above expectations: 98.1 to 102.0: An unexpected higher reading can send the pair below one support level. Well above expectations: Above 102.0: The chances of such a scenario are low. Two or more support lines could be broken on such an outcome. Below expectations: 86.0 to 89.9: A poor reading could push the pair upwards, and one resistance level could be broken. Well below expectations: Below 86.0: A sharp drop in consumer confidence would likely hurt the dollar, and EUR/USD could break above two or more resistance levels. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher Opinions share Read Next Elliott Wave Analysis German DAX and NZDUSD August 11 Gregor Horvat 6 years The University of Michigan Consumer Sentiment Index surveys consumer attitudes and expectations about the US economy. An increase in consumer confidence is a positive sign about the health of the economy and is bullish for the US dollar. Update: US Consumer Sentiment slightly misses with 90.4 Here are all the details, and 5 possible outcomes for EUR/USD. Published on Friday at 14:00 GMT. Indicator Background The UoM Consumer Sentiment Index, which is released monthly, is an important leading economic indicator. It helps measure future spending behavior, and provides an indication of the level of optimism of the US consumer.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
