This afternoon’s publication of US industrial production came out below forecasts, growing a dismal 0.2% in June. As reports reveal persistently nagging declines in growth, US confidence levels are expected to decline.
The reports from the University of Michigan (UoM) are expected later this afternoon and could underline this relative decline. Forecasts have the UoM Prelim Consumer Sentiment report growing by a small amount, but given recent slowdowns in industry and manufacturing, as well as the looming fear of a debt default, may have dragged this indicator lower. The result will likely be a turn to safe-havens; helping to lift the value of the US dollar (USD) prior to the week’s close.
