Decline in Consumer Confidence lifts the Dollar index

The Conference Board Consumer Confidence Index unexpectedly declined yesterday.

FED 10

Yesterday, the Conference Board Consumer Confidence Index unexpectedly declined to 100.9 in October, below 102.0 expected. The While House also hinted that a fiscal stimulus deal is unlikely before the Nov. 3 election. Later today, September wholesale inventories are expected at +0.4% on month.

From a technical point of view, on a daily chart, Dollar Index is rebounding on its former declining trend line and is challenging its 50-day moving average (in blue). The daily RSI is rebounding. Readers may therefore consider the potential for further advance as long as 92.50 is not broken to the downside. The nearest resistance would be set at strong horizontal resistance at 94.00. A second one would be set at Sept. 25 top at 94.75.

Source: TradingView, GAIN Capital

More from Forex

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.