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CB Consumer Confidence – January 27th 2009

The consumer confidence figures have just been released coming in at 37.7, against a forecast of 38.7 and a previous of 38.6, sending the euro to dollar currency pair sharply lower in the first ten minutes after release of the figures. As suggested this data has shaken the markets with the currency pair falling over 100 pips on the news, but my view is that this is possibly an over-reaction. There may be a short term bounce back as the markets settle. This is in direct contrast to the USD/JPY with the US dollar reacting negatively against the Japanese Yen ( unlikeĀ  it’s perfomance against the euro where it has strengthened!)