UoM Consumer Sentiment Index falls to 50.3 in November vs 53.2 expected
- UoM Consumer Sentiment Index came in below the market expectation in November.
- The US Dollar stays under bearish pressure heading into the weekend.
Consumer confidence in the United States (US) continued to deteriorate in November, with the University of Michigan's Consumer Sentiment Index falling to 50.3 from 53.6 in October. This print came in worse than the market expectation of 53.2.
Other details of the publication showed that the Current Conditions Index dropped to 52.3 from 58.6, while the Expectations Index retreated to 49.0 from 50.3.
Finally, the 1-year Consumer Inflation Expectation edged higher to 4.7% from 4.6% in October, and the 5-year Consumer Inflation Expectation fell to 3.6% from 3.9%.
Market reaction
The US Dollar came under renewed selling pressure with the immediate reaction to the UoM Consumer Sentiment Index data. At the time of press, the USD Index was down 0.25% on the day at 99.45.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
