US Confidence at 9-mth High, USD Mixed

The greenback received a boost ahead of this weekend’s G8 Finance Minister’s meeting, with Japan’s FinMin Yosano jawboning the currency higher. In light of recent speculation among Chinese and Russian government officials touting the need for a new global currency given the deteriorating US fiscal outlook, Japan’s Yosano expressed confidence in US Treasuries – calling his nation’s trust in US debt “absolutely unshakeableâ€‌.

The University of Michigan consumer confidence survey, released earlier today climbed to its highest level in 9-months but was largely mixed against consensus estimates. The June preliminary conditions index sharply beat expectations, printing at 74.5, versus calls for an improvement to 68.5 from 67.7. The expectations component disappointed, slipping to 65.4 and missing estimates for a gain to 72.0 from 69.4 in May while sentiment survey edged up by less than forecast to 69.0 from 68.7 previously

by Korman Tam