Walmart supermarket Los Angeles CA US. Image source: photovs © 123RF.com
The Confidence Board just released its findings relating to the consumer confidence index in the US for October. According to the published data, the performance of the index has missed the initial market expectations.
Consumer confidence faltered to 96.1 index points over the previous month versus 97.7 points expected. In comparison, consumer confidence was recorded at 101.4 index points in September.
The news is somewhat unsurprising given that aggregate spending fell sharply over the same period. The primary cause of the downward revision on a monthly basis is the uptick in Covid-19 cases.
Nevertheless, today's report is unlikely to jolt significantly the currently prevailing market dynamics. As was revealed earlier today, President Donald Trump granted the beginning of the transitionary process for President-Elect Joe Biden and his team.
This caused reinvigorated interest for the US dollar, which is now more likely to gain some bullish momentum against other major currencies. The greenback, which has been reeling for quite a while, is finally ready to strengthen itself, as global demand for low-risk securities wanes.
Earlier today, we examined the USDJPY pair, due to the role of the Japanese Yen as a well-known safe-haven. As can be seen on the hourly chart below, the pair has since then rebounded from the major support level at 104.200.
This was quite expected, given that the underlying bullish pressure is currently rising. The recent upsurge of headline volatility, as underpinned by the Bollinger Bands indicator, is presently supporting the increase of this bullish pressure.
Notice also that the MACD indicator has registered a minor bullish crossover between its two EMAs, which manifests the robustness of the underlying bullish momentum. At present, the psychologically significant barrier at 105.000 looks like the next target for the rising price action.
USDJPY 1H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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