The preliminary consumer confidence read for October misses with 87.9 points. The Expectations figure is significantly worse than predicted with 76.6 but the Conditions number surprises to the upside with 105.5. So, Americans are satisfied with the present and worried about the future?
The US dollar slides in the immediate aftermath. But is it enough to change the current course? Probably not.
The University of Michigan / Reuters consumer confidence survey for October was expected to advance to 91.9 points after 91.2 beforehand. The Conditions component carried expectations for a move from 104.2 to 104.7 and the Expectations component was predicted to remain unchanged. In a separate publication, business inventories carried expectations for a 0.2% rise.
The publication serves as a measure of potential consumer spending and this time, also of the political mood. The US dollar looked good ahead of the release with EUR/USD trading around 1.10, GBP/USD around 1.22 and USD/JPY around 104.20.
Earlier, we learned that actual consumer spending in September was quite mixed. Retail sales hit the nail on the headline but missed in the control group.Get the 5 most predictable currency pairs