On Tuesday 08-25-09, at 10:00AM ET the USD Consumer Confidence for August was released along with 3 other US economic news releases – the USD Richmond Fed Manufacturing Index for August, USD House Price Index MoM for July, and the USD House Price Purchase Index QoQ (2Q)
Usually the USD Consumer Confidence and the USD Richmond Fed Manufacturing are released by themselves, that day was an exception with the House Price Index’s being released at the same time.
The Consumer Confidence appears to have the greatest impact on the economy.
The House Price Index’s may have some minor impact on the market – hard to tell.
I had written a “preview” post about these reports on Monday 08-24-09, click here for a review.
Also, I have written two previous “results” posts, the first one was on 07-05-09, click here for a review.
The second “results” was posted on 07-29-09, click here for a review.
The Consumer Confidence is released by The Conference Board, Inc.
And the Richmond Fed Manufacturing Index is released by the Federal Reserve Bank of Richmond
The House Price Index’s are released by the Federal Housing Financing Agency
Lets take a look at what happened with these news release:
USD Consumer Confidence Stats:
Previous = 46.6 revised = 47.4
Forecast = 48.1 no revision
Actual = 54.1
The “forecast” had implied that the public may be feeling better about the future economy of the USA, and the “actual“ came out better than the “forecast” by 6.0, so the public must have been feeling much better than expected.
Anyway, the currency traders seemed to like the report and the “revision”, since they started buying up the US dollar and selling the EUR, GBP and CAD – the one exception being the USD/JPY currency pair
Check out the charts.
a one minute EUR/USD chart
The currency pair EUR/USD initially moved up the first 3 minutes, possibly waiting for the revision, then reversed and moved down about 42 PIPS in 17 minutes.
a one minute GBP/USD chart
The currency pair GBP/USD initially moved up the first 3 minutes, possibly waiting for the revision, then reversed and moved down about 70 PIPS in 29 minutes.
a one minute USD/CAD chart
The currency pair USD/CAD initially moved down the first 3 minutes, possibly waiting for the revision, then reversed and moved up about 75 PIPS in 31 minutes.
a one minute USD/JPY chart
The currency pair USD/JPY initially moved up the first minute, did not wait for the revision, then reversed and moved down about 38 PIPS in 30 minutes.
Crosses:
a one minute EUR/JPY chart
The currency pair EUR/JPY initially moved up the first 2 minutes, possibly waiting for the revision, then reversed and moved down about 90 PIPS in 30 minutes.
a one minute GBP/JPY chart
I traded this currency pair and got caught going in the wrong direction on the trade – since this has happened to me several times, I have decided to go with the apparent momentum of the market – here how this worked out.
The currency pair GBP/JPY initially moved up the first 2 minutes, possibly waiting for the revision, then reversed and moved down about 125 PIPS in 33 minutes.
Has you can see in the chart, my second trade was a winner, I could have continued small “scalps” going down for some time, trading in the same direction.
The next release of these reports will be on Tuesday 09-29-09 at 10:00 AM ET.
Past performances are not an indication of future results.
So—Stay tuned!
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