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U.S. Dollar Rises on Upbeat Consumer Confidence

5/29/2019, 3:09:15 PMTrading Strategies
U.S. Dollar Rises on Upbeat Consumer Confidence

The U.S. dollar rose on Tuesday as data showed that consumers weren’t concerned about the trade war rhetoric impacting their pocketbook.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, gained 0.2% to 97.683 by 10:28 AM ET (14:28 GMT).

The dollar was boosted after the Conference Board’s consumer confidence index for May rose to 134.1 from 129.2 in April.

The greenback was higher against the safe-haven Japanese yen, with USD/JPY up 0.1% to 109.56. USD/CAD jumped 0.2% to 1.3469.

Elsewhere, the euro fell due to the stronger dollar and political tensions over who will rule Europe as the European Union meets to decide who will succeed Jean-Claude Juncker as European Commission president.

Center-right and center-left parties lost their shared majority in last week’s elections, while increased Green and Liberal seats mean it could be harder for Germany to gain support for its preferred candidate, Manfred Weber.

EUR/USD was down 0.1% to 1.1185.

Meanwhile in the U.K., Tory leaders contested for Prime Minister Theresa May’s spot, who is leaving her post on June 7. GBP/USD fell 0.1% to 1.2665.