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US consumer confidence misses with 85.7 points

The US consumer is not so  confident. Sentiment dropped to 85.7 points, worse than  expected. Current conditions also dropped to 100.3 points and expectations fell to 76.4. All the numbers are below last month’s figures and under early estimations.

The result is quite worrying, especially for the Fed, which watches these figures.  EUR/USD flirted with 1.13 but isn’t going too far.

The University of Michigan’s preliminary consumer sentiment figure for September was expected to slide to  at 91.2 (see our EURUSD preview), down from a final read of 91.9 in August.

EUR/USD traded at a steady 1.1285 towards the release.

The figure is of importance as it is fresh (for September) and forward looking: consumers’ intentions are perceived to turn into actual spending, which is the vast majority of the US economy.

Earlier, PPI numbers beat expectations by a bit, but inflation measures are all subdued as the Federal Reserve often says.

And speaking of the Fed, the clock is ticking: in 6 days we will hear the rate decision from the world’s most important central bank and the question remains open: will they or won’t they raise rates?

Fed September decision – all the updates

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.