Currency Markets
U.S. Confidence Drops: US consumer confidence plunged to a 16-year low in May in a stuttering economy and as surging oil prices pushed inflation expectations to an all-time high, The Conference Board reported Tuesday.
The business research firm said its index of consumer confidence, which has slid all year, fell to 57.2 from 62.8 in April. Most analysts expected a reading of 61.
Currency Markets: The dollar gained against the Euro and other major currencies Tuesday, lifted by lower oil prices as the market shrugged off a weak reading on US consumer confidence and falling home prices.
The single European currency was at 1.5686 dollars around 2100 GMT, down from 1.5770 dollars late Monday.
The dollar rose to 104.24 yen, up from 103.44 on Monday.
Looking forward… figures on euro zone consumer prices, German retail sales and Japanese inflation are set to be released Friday. If the news is worse than expected look for the AUD/JPY to move higher.
EUR/USD: Looking for prices to move between 1.5647 and 1.5858.
USD/JPY: Looking for prices to move between 102.87 and 104.62.
GBP/USD: Looking for this pair to move between 1.9627 and 1.9933.
USD/CHF: Looking for this pair to move between 1.0184 and 1.0377.
Tags: Currency, Currency, currency markets, dollar, EUR/USD, Euro, GBP/USD, USD/CHF, USD/JPY
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