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Forex pairs in this Article » USD/JPY
Talking Points:

  • University of Michigan Confidence remains unchanged in February
  • USD/JPY erases earlier losses
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The US Dollar erased an earlier decline as consumer confidence remained unchanged between January and February. University of Michigan Confidence remained at 81.2 in an initial February estimate, which was better than expectations for a decline to 80.2

US manufacturing and industrial production for January disappointed expectations earlier today, and Non-Farm Payrolls disappointed expectations in January by only expanding by 113 thousand jobs. US data is important for dollar traders because of the implication on the pace of QE taper. Fed Chair Yellen said earlier this week that a notable change in the outlook for the economy could prompt a slowdown in the taper pace.

That’s why the US Dollar erased earlier losses against the Japanese Yen following the confidence release. USD/JPY may next find support by the July 2013 high at 101.53.

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USD/JPY 1-Minute: February 14, 2014

US_Consumers_Maintain_Confidence_in_February_Dollar_Erases_Losses_body_Picture_1.png, US Consumers Maintain Confidence in February, Dollar Erases LossesChart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .

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