EURUSD breaks 1.1300, USDJPY busts intraday support
The Michigan report can be a funny one. One day it gets ignored and another it's the biggest mover of the day.
There's nothing really shocking in the numbers and they're still at very high levels over the long term.
Michigan's Curtin is out with the press call following the data;
- Income expectations are falling
- More consumers see drop in in real incomes since 2014
- Presidential primaries are hurting economic perceptions
- It's not possible to pinpoint candidates and policy
- Lowers consumer spending forecast to 2.6%
- Low Q1 GDP reading could give a misleading economic reading
- Consumers are not that negative about economic growth
The US elections will be the next big excuse the Fed pulls out the bag as to why the economy isn't doing as well as it should be, watch this space.