EUR Spikes on Consumer Confidence

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By Benny Nardino | June 24, 2008

The US consumer confidence Report came up short from concensus this afternoon. It fell eight points from the expectation of last month’s report which came in at 58.1 per cent. Even the revised value of 56.0% was far from what was announced. The resultant effect was that the news dragged the USD, dollar down against every other pair. What does this all mean to the average man on the street?

Simply put, people are not spending money on the shopping mall. With the current global fuel cost hardly could anyone contend the report in all honesty.

However, the implication is that the US economy could eventually grind to a halt which would leads to stunt economic growth. Under such economic conditions public services and utilities will suffer thus affecting the general public.

The announcement this afternoon spiked the EUR/USD to a daily high of 1.5623 in London.