Dollar regains some ground after better than expected consumer confidence reading.
US Conference Board consumer confidence rose to 127.4 in July, up from 127.1 and beat expectation of 126.5. Lynn Franco, Director of Economic Indicators at The Conference Board said in the release that “Consumers’ assessment of present-day conditions improved, suggesting that economic growth is still strong. However, while expectations continue to reflect optimism in the short-term economic outlook, back-to-back declines suggest consumers do not foresee growth accelerating.”
Chicago PMI rose to 65.5 in July, up from 64.1 and beat expectation of 61.8. Jamie Satchi, Economist at MNI Indicators said in the release that “the MNI Chicago Business Barometer started the third quarter in bullish form, with business activity supported by robust demand and output. Both, like the headline index, registered 6-month highs and the majority of firms expect demand to increase further over Q3.” However, “input prices continue to be a thorn in the side of businesses, however, with the Prices Paid indicator at the highest in a decade and continuing to signal pipeline inflation.”
