- University of Michigan Confidence falls to a 23-month low
- USD/JPY continues rally on NFP beat
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The University of Michigan’s Survey of Consumer Confidence fell to the lowest reading in 23-months, as the recent government shutdown and debt ceiling crisis may have shaken American shoppers.
The sentiment survey was reported at 72.0, below expectations for 74.5 and worse than the 73.2 confidence level reported in October. The economic conditions survey fell to 87.2 in November from 89.9, while the survey for economic outlook fell to 62.3 from 62.5.
However, the disappointing consumer confidence failed to significantly affect US Dollar, as the greenback is still reacting to the better than expected US Non-Farm Payrolls release. The Fed is expected to taper its monthly stimulus sometime in the near term future, but expectations for the start of taper may range from December to March. In the last meeting, the Fed said it is still waiting more evidence of sustained progress before adjusting the pace of quantitative easing.
The Dollar just crossed back above 99.00 against the Japanese Yen, and the monthly high set yesterday at 99.41 may continue to provide resistance.
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USD/JPY 1-Minute: November 8, 2013
Chart created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to email@example.com .