More good news from the US: consumers were more confident in October according to the CB Consumer Confidence: a score of 125.9 points. September’s score was revised up to 120.6.
The US dollar is slightly higher, but the moves are not huge. There are bigger events this week.
The Conference Board’s consumer confidence measure for October was forecast to show a small rise in confidence to 121.1 from 119.8 in September. The more consumers are confident, the more they consumer goes the theory, although the correlation is not always there.
The US dollar was quite mixed: EUR/USD was steady after bouncing from the lows, GBP/USD was moving up and USD/JPY stabilized around 113.40.
Earlier, the Chicago PMI beat expectations by advancing to 66.2 points, above 61 expected.
Trump’s troubles grabbed the headlines, with indictments in the special investigation. However, markets are more concerned about the next Chair of the Fed, the Fed’s decision tomorrow and the Non-Farm Payrolls.
Last week, the dollar enjoyed the upbeat GDP release, but inflation remains low.
Here are the recent moves in USD/JPY. The Bank of Japan had little impact on the yen.