2023.07.1416:02:00UTC+00U.S. Dollar Rises As Consumer Sentiment Soars

The U.S. dollar advanced against its most major counterparts in the New York session on Friday, as the nation's consumer sentiment improved much more than anticipated in July.

Preliminary data from the University of Michigan showed that the consumer sentiment index soared to 72.6 in July from 64.4 in June. Economists had expected the index to tick up to 65.5.

With the much bigger than expected surge, the consumer sentiment index reached its highest level since hitting 72.8 in September 2021.

The current economic conditions index spiked to 77.5 in July from 69.0 in June, while the index of consumer expectations jumped to 69.4 from 61.5.

The greenback advanced to 0.6842 against the aussie, 1.3188 against the loonie and 0.6364 against the kiwi, from an early low of 0.6894, 10-month low of 1.3092 and more than a 5-month low of 0.6412, respectively.

The greenback edged up to 0.8631 against the franc, reversing from an early 8-1/2 year low of 0.8566.

The greenback rose back to 1.3093 against the pound, from an early 1-1/2-year low of 1.3142.

The greenback climbed to a 2-day high of 139.15 against the yen, off an early near 2-month low of 137.23.

The greenback may find resistance around 0.60 against the aussie, 1.33 against the loonie, 0.66 against the kiwi, 0.88 against the franc, 1.27 against the pound and 145.00 against the yen.