improved u.s. consumer confidence
The June University of Michigan consumer sentiment came in at 70.8, up from 68.7 in May. That's the highest since September! U.S. data saw personal income rise 1.4% in May. Americans are saving more. This is hurting China who export so much into the U.S. The consumption pattern change in the U.S. has forced China to get their Asian neighbors to take more of their goods. China is also limiting imports. China frankly needs world demand to rebound or their economy could be in real trouble.
The dollar ended the week mixed and traders see more two-way action ahead. Conditions are hard to read so let's assume that a seesaw market is coming up, especially with the 4th of July holiday in the U.S. upon us next week.
