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The U.S. dollar is the second-best performing major on Tuesday. Short-covering is a big portion of the move higher in the dollar but a strong reading on consumer confidence has also helped. The Conference Board’s measure climbed to 50.2 from 48.6 in September. Economists were expecting a reading of 49.9. The rise above 50 bodes well for U.S. consumption. The details of the consumer confidence survey showed diminished optimism about job availability and wage gains. Prior to the recession, confidence regularly hovered above 100.
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