14.11.201614:55 Forex-elemzések és áttekintések: Global macro overview for 14/11/2016

Global macro overview for 14/11/2016:

A flash survey showed on Friday, that after falling to its lowest level since 2014 in the previous month, the sentiment of American shoppers improved more than expected. The University of Michigan Consumer Sentiment Index was released at 91.6 points, which was better than last reading of 87.2 points and better than expectations of 87.4 points. Moreover, the CSI Index was 0.3% higher than at the same time last year and it managed to improve in November, even though long-term and short-term inflation expectations climbed to 2.7%. It is important to mention, that this survey was conducted before the Presidential Elections results, so it will be interesting to watch how the sentiment increased after the results were announced.

Let's now take a look at the US Dollar index technical picture at the daily time frame. The bulls have managed to break out above the important high at the level of 99.12 and they are in full control over this market. The next resistance is seen at the level of 100.48, but please notice the bearish divergence is currently forming between the price and the momentum oscillator (suggesting a temporary correction is due).