- Consumer confidence in the United States improved in October.
- US Dollar Index failed to capitalize on the upbeat sentiment data.
According to the University of Michigan’s (UoM) Surveys of Consumers’ preliminary results for October, consumer confidence continued to improve with the Index of Consumer Sentiment rising to 96 from 93.2 in September, compared to analysts’ estimate of 92.
The upbeat data, however, failed to help the Greenback stage a recovery. As of writing, the US Dollar Index was at its lowest level in three weeks at 98.23, losing 0.45% on a daily basis.
Commenting on the data, “Sentiment rebounded in early October as consumers anticipated larger income gains and lower inflation during the year ahead. As a result, real income expectations rose to their most favorable level in two decades,” said Surveys of Consumers chief economist, Richard Curtin. “A slower pace of overall economic growth is still anticipated, including some modest increases in the national unemployment rate during the year ahead.”
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