All eyes are on whether the University of Michigan Consumer Sentiment Index will exceed the market forecast of 56.8.
09.12.2022
- University of Michigan Consumer Sentiment Index
- Rice · Wholesale Inventory
In yesterday’s U.S. trading session, the U.S. dollar lost momentum toward the end of the session, despite the fact that the number of new U.S. unemployment insurance claims, released yesterday, improved from the previous week to 225,000. The EUR/USD pair rose from 1.0489 to 1.0564. The EUR/USD pair has continued to climb during today’s Asian session, reaching 1.0584.We will be closely monitoring whether the US dollar weakens following today’s release of the University of Michigan Consumer Sentiment Index during US trading hours.
European currencies saw the pound fall against the Australian dollar following the release yesterday of the UK’s November RICS House Price Index, which deteriorated sharply from the previous reading of -2.0% to -25.0%. The GBP/AUD pair fell from 1.8156 to 1.8043.The decline halted as the price found support at the 200-period EMA on the hourly chart. However, on the daily chart—a higher timeframe—this represents a technical correction within an overall uptrend. Therefore, we will be watching to see if the price rebounds again near the 10-day MA at 1.8014.
Today, the schedule includes Norway’s Consumer Price Index and Producer Price Index at 4:00 p.m. CET, India’s foreign exchange reserves at 8:30 p.m. CET, Canada’s third-quarter capacity utilization rate and the U.S. Producer Price Index at 10:30 p.m. ET, the University of Michigan Consumer Sentiment Index and U.S. wholesale inventories at midnight ET, and Russia’s Consumer Price Index at 1:00 a.m. ET.We will be watching closely to see if the University of Michigan Consumer Sentiment Index exceeds the market forecast of 56.8.
Author: Keisuke Sakurai
