Trading the News: U. of Michigan Confidence
Updates to the U. of Michigan Confidence survey may undermine the U.S. dollar[1] strength following the Federal Reserve meeting[2] as the index is expected to narrow to 97.9 from 98.6 in October.
Signs of waning household sentiment may push the Federal Reserve to adopt a less-hawkish tone as it casts a weakened outlook for private-sector consumption, one of the leading drivers of growth, and a dismal development may start to sway the monetary policy outlook as it dampens bets for above-neutral interest rates.
In turn, another downtick in the U. of Michigan survey may spark a bearish reaction in the U.S. dollar, but an unexpected improvement in consumer confidence may keep EUR/USD[3] under pressure as it encourages the Federal Open Market Committee[4] (FOMC) to further embark on its hiking-cycle over the coming months. Sign up and join DailyFX Currency Analyst David Song LIVE[5]to cover the U. of Michigan survey.
Impact that the U. of Michigan Confidence survey has had on EUR/USD during the last print
|
Period |
Data Released |
Estimate |
Actual |
Pips Change (1 Hour post event ) |
Pips Change (End of Day post event) |
|
OCT 2018 |
10/12/2018 14:00:00 GMT |
100.5 |
99.0 |
+15 |
+13 |
October 2018 U. of Michigan Confidence
EUR/USD 5-Minute Chart
