U.S. consumer confidence takes wind out of markets’ sails

The U.S. consumer confidence index fell to 92.6 in July, down from a revised 98.3 in June, according to The Conference Board. Economists polled by Reuters expected a reading of 94.5 in July, down from the previously reported 98.1 in June. The decline in confidence came as cases of Covid-19 continued to climb across the country.

Along with the lower confidence data, analysts are watching what is happening in Washington, Republicans are proposing a cut to expanded unemployment benefits, also quarterly earnings from 3M and McDonald’s were lower than expected adding further bad news.

Oil prices are down, weakening the CAD slightly to the USD., gold and silver have moved higher, still nervous about global tensions.

Expect narrow range on the USDCAD.

Currently             Close                     Range

USDCAD               1.3365                   1.3356                   1.3331-1.3407

EURCAD               1.5676                   1.5695                   1.5661-1.5720

GBPCAD               1.7296                   1.7204                   1.7179-1.7346