Michigan Consumer Sentiment was out today, much lower than the expected number of 97.74, at 88.60. This number gauges the public’s view of their personal financial situation and of the economy overall, near term and long term. The markets took note as the Euro rose against the dollar from 1.1353 to 1.1431 within the first 30 min after the data release. The dollar lost ground to most major currencies with Cable going from 1.5743 pre data to 1.5802 after 40 minutes, to then trade back down again late afternoon at 1.5747. This seems reasonable given the strong rally on the back of a Tory majority government in the UK. Cable is well overbought on the day chart and looking like it is ready for a retracement. The Euro however has just started gaining momentum on the ADX may still have more room to continue its rally.

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