US consumer sentiment misses with 93.1 – USD cannot recover

Another disappointing US figure: consumer confidence slips from 95.1 to 93.1 points in July, lowering the prospects of a recovery in retail sales. A separate report showed inventories rising by 0.3%, exactly as expected.

Among the components, current conditions have ticked up from 112.5 to 113.2. Expectations dropped from 83.9 to 80.2.

The US dollar is licking its wounds on lower ground, after the previous data.

  • USD/JPY remains at 112.35. It traded above 113 before the retail sales and inflation data.
  • EUR/USD is around 1.1460.
  • GBP/USD is on the move, trading at 1.3070.
  • USD/CAD is trading under 1.27.
  • AUD/USD is close to critical resistance. The pair is currently at 0.7820, whereas resistance is at 0.7835.

The University of Michigan’s consumer confidence measure was expected to stand at 95 in the preliminary read for July.

Earlier, industrial output came out at 0.4%, slightly better than expected. However, inflation and retail sales figures badly disappointed[1].

The result was a big downfall in the dollar, with EUR/USD breaking resistance[2].

Get the 5 most predictable currency pairs[3]

from Forex Crunch

from Online Forex Trading Resource
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