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The Prelim UoM Consumer Sentiment is released from the University of Michigan. This report has 2 packages: Preliminary and Revised. The Prelim carries more weight since it is released sooner.
This month’s index is the highest it has been since May. It was released at 73.6, 1.1 points higher than the forecast.
The past two months indexes have been lower than the forecast. Not this month, and that is good for the Dollar. What consumers think dictates what consumers buy. Therefore, good consumer indexes are positive for the economy of that nation. [/column]
I personally expect the Dollar to gain strength as we move towards the election. This could mean a bullish dollar in multiple pairs. This is a chart of the Euro against the Dollar. [/column]
Weekly EURUSD Chart of the trend line. Check out Forex Factory for more news.
Written By: Tony College
Winner’s Edge Trading, as seen on: