US CB Consumer Confidence Beats With 129.5 – USD Looking Good
US consumers are confident. Was Black Friday that great? In any case, a score of 129.5 is yet another high (best since the year 2000) and much better than 124 expected. The current situation component is up to 153.9 and the expectations component is up to 113.3. In addition, the Richmond Manufacturing Index also exceeded expectations with a jump to 30, well above 14 predicted.
The US dollar is extending its gains. EUR/USD is slipping to 1.1875, USD/JPY is up to 111.45, GBP/USD is at 1.3360 and also commodity currencies are succumbing to the might of the USD.
Here is how the move looks on EUR/USD:
(Click on image to enlarge)
The Conference Board was expected to report a small slide in consumers; confidence in November: 124 against 125.9 reported in October, which was a cycle high.
The US dollar was gaining ground ahead of the publication. The greenback was buoyed by hopes for getting tax reform approved, stability at the Fed as promised by Powell and yesterday’s upbeat new home sales.
Earlier in the day, we learned that house prices according to the Case Shiller Composite HPI rose by 6.2% y/y, marginally better than 6% expected but higher than 5.8% last month. The official US House Price Index disappointed by advancing by only 0.3% instead of 0.6% anticipated.
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