US consumer confidence slides, new home sales beat

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US consumer confidence drops to 120.3, a bigger drop than had been expected but still a high score. New home sales jumped by 5.8% to 621K in March, much better than 583K projected. The figure for February was revised down from 592K to 587K.

The US dollar is slightly stronger in the immediate aftermath, rising within the known ranges.

The Conference Board’s consumer confidence measure was expected to settle lower in April: 122.5 points. The measure jumped to 125.6 in March, the highest in many years. However, this is not backed by an increase in retail sales.

New home sales carried expectations for a 0.8% drop to 583K in March after 592K in February (before revisions).

Earlier, the Case-Shiller 20-city HPI showed a rise of 5.85% in house prices y/y in February, marginally above expectations.

The US dollar was on the back foot against the majors but gaining against commodity currencies.

  • EUR/USD edged higher in the higher range, enjoying the enjoying Macron’s ascent to the second round of the French elections. A fresh poll still puts him on top with 61%.
  • GBP/USD rose to 1.2820. UK GDP data is the next big thing.
  • USD/JPY continued its upwards march, buoyed also by the favorable French elections.
  • USD/CAD continued advancing. Trump’s feud with Canada over dairy products as well as timber and lumber weighs on the loonie. More: Trump’s timber tax hurts the C$.
  • AUD/USD was sliding to around 0.7525
  • NZD/USD dipped under 0.70.
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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 the 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.

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