Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us

Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on July 26th, 2010

Forecast: How will U.S. consumer data impact EUR/USD?

forex analysis  global forex fx trader currency tradingNEW YORK (Forex News Now) – A business research group is due on Tuesday to release a key report on U.S. consumer confidence in July, in one of the day’s major FX news events.

The Conference Board is expected to say that its closely watched consumer confidence index slid to 51 during the month, according to two global forex news outlets, down from 52.9 in June.

The group is scheduled to publish the data at 2:00 P.M. GMT; as such, the report is likely to dominate European afternoon currency trading.

According to forex analysis, if the index falls at a slower pace than forecast, or even rises, EUR/USD could be lifted toward resistance around the high of May 10, 1.3094.

Should the index show a greater-than-expected decline, the currency pair could be could pushed toward support around the low of July 21, 1.2732.

However, upbeat data could also cause a surge in risk appetite and send the euro higher against the greenback anyway; a disappointing report, meanwhile, could also spark a flight from risk, actually benefitting the dollar.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))