US consumer sentiment index fell to 77.0 in November after rising to a seven-month high of 81.8 in October, reflecting a less favorable assessment of future economic prospects, the University of Michigan reported on Friday. The unexpected decrease by the headline index came as the index of consumer expectations tumbled to 71.3 in November from 79.2 in October. The report showed a much more modest drop by the current economic conditions index, which edged down to 85.8 in November from 85.9 in the previous month. On the inflation front, the report said one-year inflation expectations crept up to 2.8 percent in November from 2.6 percent in October, while five-year inflation expectations rose to 2.6 percent from 2.4 percent.
The Dollar Was Down On Monday Morning
The dollar was down on Monday morning in Asia, with the ever-increasing number of COVID-19 cases counterbalancing hopes that a working vaccine will become available soon and kickstart the economic recovery from the virus. In Asia, fifteen countries signed the Regional Comprehensive Economic Partnership trade deal on Sunday. The agreement whet investors’ risk appetite over hopes for an improvement in trade hit by U.S.-China tension.
However, the previous week’s optimism, which boosted the greenback, was subdued as the number of COVID-19 cases increased globally, decreasing risk appetite. There were over 54 million cases worldwide and over 1.3 million deaths as of Nov. 16, according to Johns Hopkins University data. There are over 11 million cases in the U.S. alone, according to the data.
TREND : WEAK BULLISH
Time : 16/11/2020
Pivot : 1.1845
Technical View : LONG ABOVE 1.1865
Target : 1.1875, 1.1895, 1.1905
Technical View : SHORT BELOW 1.1825
Target : 1.1815, 1.1805, 1.1781