Monday, June 29, 2009


Consumer Confidence was better than expected rising to -25 from -28 revised. Economic Confidence rose to 73.3 from 70.2 (est. 71.0), Industrial Confidence rose to -32 from -33 and Service Confidence rose to -20 from -23. Each of the measures are off their lows reached earlier in the year. However, all remain below the higher levels reached over the last 4 or so years (see chart above).

The better data helped the EURUSD recover some of the earlier losses. The pair is currently testing the closing level from Friday at the 1.4069. The 61.8% of the move lower from Fridays high comes in 1.4065. The low reached overnight was 1.3983. The high was reached early in the trading day at the 1.4077 level. With a consolidating market, these levels become support and resistance levels.

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