Update: Consumer Confidence Fell to 80.3 on the Index
Consumer’s confidence in America’s economic situation hit a five-year high in June. 81.4 was reached on confidence index.
The five-year high could have been reached because of people forgetting about the 2008 crisis or forgetting and becoming numb to America’s current crisis. I think it’s combination of both. Regardless, the consumer confidence index is a significant indicator of consumer spending in America.
Lynn Franco, the director of economic indicators at the Conference Board (the organization which releases Consumer Confidence figures) expects the Consumer Confidence figures to continue to climb.
This month’s figure is expected to be slightly lower than June’s, coming in at 81.1. At 10 A.M. EST (New York Time) the official figure will be released from the Conference Board (CB). Significant deviation from the expected figure of 81.1 could result in market volatility.
The EUR/USD is currently in a bullish trend, possibly on it’s way to test the 1.340 level once again.
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