Today, at 10.00 am (New York time), was released the “Michigan Consumer Sentiment Index(Sept) PREL”.
Previous real data was 74.1, expected today data was 75, and when finally released, today’s data was 78,9. This was clearly a better than expected data for dollar, which it is said that makes stronger this coin (at least psychologically), and therefore, xau-usd shoud have downed after its released.
But what really inmediately happened (no after a while, but inmediately) was the opposite: xau-usd rose inmediately about 86 pips on just ¾ hours. Now, at 12.30, New York time, it is already 138 pips above its price when that economic news was released.
¿Can someone explain me why has happened this if all web pages say more or less the same about this economic data: “Generally speaking, a high reading anticipates positive (or bullish) for the USD, while a low reading is seen as negative (or bearish)”.
I would understand even no movement after its release, but what I need to be explained by someone is why happened the opposite (quickly the price rose very quickly after just its release).
Did it happen due to some other economic news that happened by chance at that same time (10 am, New York time) that negatively influenced the perspective that most traders could have of the strength of dollar?
Or was there really a trap set by buyers who right after its release bought large amounts of money in said xau-usd, in order to catch all those who immediately sold after the economic data was published?
And if it was the latter, how could those buyers who bought large quantities know that they would not be the ones caught in the trap if what the price would have done was to go down (instead of going up)?
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