US: Chicago PMI and consumer confidence data eyed - Nomura
|In view of the analysts at Nomura, Chicago PMI and Conference Board’s Consumer Confidence data will be in the limelight for today’s US session.
Key Quotes
“Chicago PMI: The headline index decreased to 50.3 from 53.9 in January, lower than the three-month average of 53.8. However, readings from other regional surveys improved further in February, suggesting that the pullback in this index in January may have been transitory. Both the Empire State manufacturing survey and the Philly Fed survey improved further in January, implying that manufacturers’ optimism continued to improve. Thus, we expect some rebound in the Chicago PMI and forecast a reading of 57.1 for February (Consensus: 53.5).”
“Conference Board’s Consumer Confidence: The consumer confidence index declined slightly from December but remained elevated at 111.8 in January. This reading suggests consumer sentiment, which improved strongly after the election in November, may have plateaued. The preliminary estimate of the University of Michigan consumer sentiment index, covering the first half of February, receded from a highly elevated reading in January. The partisan polarization in sentiment widened further in this issue, pointing to a deep divergence in the way in which consumers assess near-term conditions. Moreover, some hard measures of economic activity have suggested a sign of a pick-up recently, but it is unclear this recent uptick is enough to drive further increase in consumer optimism. Thus, we forecast the consumer confidence index declined slightly but remained elevated at 111.0 in February (Consensus: 111.0).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.