The Dollar gained yesterday after U.S. consumer confidence increased modestly in July as Americans grew more upbeat about the economy and labour market. Americans feel good this summer about the current state of the economy, but their optimism about the future remains in check.
Figures from the New York-based Conference Board showed that a currently healthy labour market and robust economic growth offset consumer concerns in July about how trade tensions will affect jobs and prices in coming months.
The data revealed plans to buy autos within the next six months edged up from a two-year low, while a gauge of home purchase expectations declined to the lowest level in two years. Measures of U.S. household and business confidence jumped after the 2016 presidential election and have remained high, though a stark partisan divide persists, with Republicans now optimistic and Democrats downbeat in a reversal of the pre-election numbers. Positive sentiment is supported by underlying strength in the economy, including low unemployment, and has helped support solid growth this year. Recent data indicated the US economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014.
09:30 – GBP: Manufacturing PMI expected decrease to 54.2
13:15 – USD: ADP Non-Farm Employment Change
15:00 – USD: ISM Manufacturing PMI forecast to decrease to 59.4
15:30 – USD: Crude Oil Inventories
19:00 – USD: FOMC Statement
19:00 – USD: Federal Funds Rate