The Takeaway: may u. of Michigan confidence Final Index 79.3 waves > Americans could extend their spending due to the higher financial confidence > USD/CAD loss to extend
US consumer confidence for may hit the highest level since October 2007, reflecting optimism persisted on the prospective resistance of the economy, inflation has eased and prospects of employment and wages have become more favourable.
The Thomson Reuters / final index of the University of Michigan mounted to 79.3 in May before 76.4 in April and well over 74.3 last May. The increase continued streak of consecutive earnings index, now at 10 months. Also topped test estimation of consensus as economists surveyed by Bloomberg News widely anticipated the gauge to hold in May of 77.8 preliminary reading.
The increase in confidence in the six months was substantial, with the Sentiment Index climbing well above the average of the recession of 69.3 but still less than the average of 88.1 for periods of non-récession. Consumers still had much hope on a growth of employment renewed in a short term despite the slowdown of jobs recently published by the Ministry of labour. Index of economic Conditions significantly increased to 87.2 in May of 82.9 in April. The Economic Outlook index advanced to 71.7 preliminary reading and 72.3 April 74.3. "The most likely prospect is that employment growth CV modest pace and confidence largely unchanged until after the November election and decisions relating to fiscal policy are taken", said Richard Curtin, Chief Economist of consumer surveys.
The final report revealed that expectations of inflation during one year before continue moderate to 3.0% preliminary reading of monthfrom may of 3.1% and 3.2% in April following a withdrawal of price of gasoline. During this time, the expectations for five years edged 2.7% to 3.0% of the preliminary report.
USDCAD1-minute chart: May 25, 2012
Graph created with strategy trader - prepared by Trang Nguyen
The US dollar has immediately edged more higher against most of its major trading partners in the minutes that followed the stronger than expected consumer confidence report. Seen 1 minute table USDCAD above, the greenback travelled 20 pips against the dollar of 1.0265 in of 1.0285 in thirty minutes. In the as of this report, the USDCAD trade to $1.02849.
US consumer confidence for may hit the highest level since October 2007, reflecting optimism persisted on the prospective resistance of the economy, inflation has eased and prospects of employment and wages have become more favourable.
The Thomson Reuters / final index of the University of Michigan mounted to 79.3 in May before 76.4 in April and well over 74.3 last May. The increase continued streak of consecutive earnings index, now at 10 months. Also topped test estimation of consensus as economists surveyed by Bloomberg News widely anticipated the gauge to hold in May of 77.8 preliminary reading.
The increase in confidence in the six months was substantial, with the Sentiment Index climbing well above the average of the recession of 69.3 but still less than the average of 88.1 for periods of non-récession. Consumers still had much hope on a growth of employment renewed in a short term despite the slowdown of jobs recently published by the Ministry of labour. Index of economic Conditions significantly increased to 87.2 in May of 82.9 in April. The Economic Outlook index advanced to 71.7 preliminary reading and 72.3 April 74.3. "The most likely prospect is that employment growth CV modest pace and confidence largely unchanged until after the November election and decisions relating to fiscal policy are taken", said Richard Curtin, Chief Economist of consumer surveys.
The final report revealed that expectations of inflation during one year before continue moderate to 3.0% preliminary reading of monthfrom may of 3.1% and 3.2% in April following a withdrawal of price of gasoline. During this time, the expectations for five years edged 2.7% to 3.0% of the preliminary report.
USDCAD1-minute chart: May 25, 2012
Graph created with strategy trader - prepared by Trang NguyenThe US dollar has immediately edged more higher against most of its major trading partners in the minutes that followed the stronger than expected consumer confidence report. Seen 1 minute table USDCAD above, the greenback travelled 20 pips against the dollar of 1.0265 in of 1.0285 in thirty minutes. In the as of this report, the USDCAD trade to $1.02849.
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