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Consumer sentiment drives the dollar

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The dollar has relief in today’s session, at least until the time of publication. Consumer sentiment, measured by the University of Michigan, stood at 78.9 points, from 72.3 the previous month. The EURUSD falls to the level of 1.1250 in the Forex market.

Wall Street is also breathing, with its main green indices, after yesterday’s crash. The Dow Jones advanced 1.2% like the S&P 500, while the Nasdaq technology index climbs 0.55%.

For their part, the active shelters are also recovered. Gold advances 0.35% to $ 1,733, while BTCUSD climbs 1.6% to $ 9,440.

Consumer sentiment brings relief to the dollar

The pandemic continues to hit the United States hard, so the positive data on consumer sentiment indicates that Americans continue to have an appetite for future consumption. That is good for the economy and the dollar.

Although we are far from the 100 point levels in the first months of the year, it is important that the world’s leading economy pick up. Since a retraction of consumption in the US directly and indirectly affects everyone.

University of Michigan Consumer Sentiment. Source: ForexFactory

The greenback mid-week traded for a few moments against the euro above the resistance of 1.14. At the time of publication it is appreciated up to 1.1250.

Another important advance of the dollar in the Forex market is against the pound sterling (GBPUSD), currently trading at the key support of 1.25. During the week, trading was above 1.28.

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