The US CB Consumer Confidence rises to 94.5 , the USD turns neutral ahead of Fed Interest Rate Decision!

Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

Usual Effect: A high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

Frequency: Released monthly, on the last Tuesday of the current month.

Last Read :86.0

Expectations :87.0

Actual : 94.5

Volatility : high

Market Impact : a reading above 88.0 is likely to bring bullish move for the USD.

Recommendations : The USD turns neutral with risk to the downside , sell the USD at resistance levels….and you could buy it on dips cautiously ( scalping)… 

Technical summary for USD-INDEX : The USDINDEX is under strong pressure  below 85.73/85.45 …..If the pair mange to hold below 85.45 levels , It means US CB Consumer Confidence doesn’t make a strong impact on the market , If the pair fails to hold below 85.45 , then the USD has turned neutral with risk for both directions ?!!!

Conclusion : The market is expected to consolidate within support and resistance range waiting for FOMC statement and Fed Interest Rate Decision  tomorrow !!

 

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