Monday, October 19, 2009

Consumer Confidence Above 50 Boosts EUR/USD Up

The dollar is currently losing against the euro on the Forex arena after falling slightly yesterday. The European currency gains from the improved outlook for the global economy on positive consumer confidence and home price index in U.S. EUR/USD currency pair is now trading near 1.4324.

S&P/Case-Shiller home price index for 20 U.S. states reached a seasonally adjusted rate of 141.31 in June — that’s a 15.45% drop compared to June 2008 but at the same time it’s the first gain in the index in more than two years. This indicator was expected to be reported at -16.4% year-to-year change.

Richmond Fed manufacturing activity index for August was reported at the same unchanged level as in July — 14, while it was expected to grow up to 16.

Consumer confidence went up from 47.4 in July to 54.1 in August, signaling generally positive expectations of the consumers in the United States. A decline to 45 was forecasted by the economic analysts.

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