US CB Consumer Confidence Index rose to 97.2 in July
- The US CB Consumer Confidence Index rebounds in July.
- The US Dollar Index climbs to five-week highs past 99.00.
US consumer sentiment picked up extra pace in July, as the Conference Board’s Consumer Confidence Index increased to 97.2 from a revised 95.2, adding to the previous recovery.
Consumer mood strengthened in July, as opinions on current business and labour market circumstances shifted. The Present Situation Index dropped by 1.5 points to 131.5. Additionally, the Expectations Index, which measures short-term expectations for income, economic activity, and employment, gained 4.5 points to 74.4, still remaining below the 80-point level usually associated with recession fears.
According to Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board: “In July, pessimism about the future receded somewhat, leading to a slight improvement in overall confidence. All three components of the Expectation Index improved, with consumers feeling less pessimistic about future business conditions and employment and more optimistic about future income. Meanwhile, consumers’ assessment of the present situation was little changed. They were a tad more positive about current business conditions in July than in June. However, their appraisal of current job availability weakened for the seventh consecutive month, reaching its lowest level since March 2021.”
Market reaction
The US Dollar (USD) recedes from earlier tops but remains around the 99.00 zone when tracked by the US Dollar Index (DXY), despite a mild pullback in US yields across the board.
Author
FXStreet Team
FXStreet
