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Risk sentiment took a bit of a knock last night as US consumer confidence disappointed for the second straight month, pouring some cold water on the imminent recovery theory. Consumer confidence came in at 46.6 vs. 49.0 expected with a drag in the assessments of both present and future situations while the labour market remained a steady worry. The negative sentiment was partly offset by a strong showing in the US Case-Shiller house price index which indicated a slower pace of decline and improving prices. This would appear to confirm the more recent positive sentiments from the housing sector.
That said, the greenback rebounded from support levels on the USD index and we saw a quick retreat by the major currencies. EUR probably saw the most action, having tripped options related deals above 1.43, we were down at 1.4130 within a short space of time. AUD gave back some of the stellar gains made to 9-month highs following RBA’s Stevens’ comments. Wall St was mixed but generally in the red for most of the session.
Source: Saxo Bank Strategy and FXstreet.com
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