25 Oct 2013
EUR/USD: Euro claws its way back after disappointing Michigan numbers
FXstreet.com (London) - The euro continues to recover against the dollar following disappointing Michigan confidence numbers.
Consumer confidence dropped to a 10-month low, according to the index compiled by Thompson Reuters and the University of Michigan. The index dropped to 73.2, down from 77.5 in September, the weakest print this year.
Consumer pessimism has been exacerbated by concerns over the effects of the first US government shutdown in 17 years and the ensuing debt ceiling soap opera in Congress.
While equity markets continue to climb thanks to expectations of continuing cheap money from the Fed, the measures by the central bank have not filtered confidence down from Wall Street to Main Street.
EUR/USD fell to USD1.3775 by midday, but rallied through the Michigan numbers up to USD1.3794, within touching distance of the USD1.3831 opening price.
Consumer confidence dropped to a 10-month low, according to the index compiled by Thompson Reuters and the University of Michigan. The index dropped to 73.2, down from 77.5 in September, the weakest print this year.
Consumer pessimism has been exacerbated by concerns over the effects of the first US government shutdown in 17 years and the ensuing debt ceiling soap opera in Congress.
While equity markets continue to climb thanks to expectations of continuing cheap money from the Fed, the measures by the central bank have not filtered confidence down from Wall Street to Main Street.
EUR/USD fell to USD1.3775 by midday, but rallied through the Michigan numbers up to USD1.3794, within touching distance of the USD1.3831 opening price.