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US Consumer Confidence Hits 16-Year Low
By Grace Cheng on February 16, 2008 | More Posts By Grace Cheng | Author's Website
A barrage of weak economic data has pulled the US dollar down against many other currencies Friday. The Reuters/University of Michigan consumer sentiment index unexpectedly fell to 69.6 from 78.4 in January, vs an expected reading of 75. The expectations component hit 59.4, from 68.1 the prior month. Empire state factory survey data for February are also pretty bad, with the business conditions index at -11.72 (7 expected) vs a prior 9.03.
Sure enough, EUR/USD rallied 40-50 pips above 1.4660 to reach 1.4700 - a one-week high - and it must overcome 1.4720 to target 1.4760.
Swissy broke below strong support around 1.0980-1.1000 and then tumbled around 100 pips from there. Its nearest support is around 1.0850-70.
Monday is President’s Day holiday in the US, so US financial markets are preparing for a long weekend.
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