With retail sale figures being excellent yesterday, a possible scenario would be that the consumer confidence is also positive, adding more momentum to the bullish sentiment of the U.S. Dollar.
The Consumer confidence report reflects the opinion of about 500 consumers rating the relative level of current and future economic conditions. Today’s report is the Prelim (not revised), therefore it carries even more potential to move the markets.
February’s confidence level hit a three month high. Economists are predicting March’s figure to climb to 78.2. It is very possible that we will see a higher number than this, which could greatly influence the market. Depending on the deviation, it is possible that a weekend gap could be seen at the opening of the market on Sunday.
Stocks and the Dollar
The U.S. Dollar and stocks are moving upward together recently. This is usually not the case, it has been common for many years to see that when stocks go up, the Dollar goes down.
FOMC Statement and Press Conference
Looking forward to next week, the FOMC will release a statement and hold a press conference on Wednesday.
One of the main things that economists and investors will be listening for is quantitative easing statements. With some recent confusion on the Fed’s stance, the waters are a little muddy. If the Fed further clears up what they intend to do with QE3, we could expect volatility with the USD on Wednesday.
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