US Consumer Confidence Data in Focus | Loonie Weakens
Published May 28, 2019
The Canadian dollar weakened slightly this morning after a quiet overnight session and was trading at 1.3468, up 0.20 percent against the greenback. Overall, the range continues in USDCAD and markets will be closely watching the Bank of Canada rate decision due tomorrow.
US consumer confidence data comes up this morning with estimates indicating that consumer confidence could rise 130.1 in May from 129.2 in April. The Present Situation Index in April was 168.3, up from March, where the Expectations Index rose to 103.0 in April from the prior month.
China’s foreign ministry commented that any disputes between China and the US should be resolved through talks. During a press conference, China’s foreign ministry spokesman criticized the US, while claiming Beijing’s attitude has always been consistent, further acknowledging that China is more eager to reach a deal.
German GfK consumer climate slips to 10.1, the lowest score since April 2017, missing the expectation of 10.4 points. The ongoing trade war between the US and China has dampened consumer confidence, and is showing no signs of ending anytime soon.