US UoM Consumer Confidence Index declines to 63 in October vs. 67.4 expected

UoM Consumer Confidence Index declined further in October.
US Dollar Index clings to modest daily gains above 106.50.

Eren Sengezer FXStreet

Consumer sentiment in the US continued to weaken in October, with the University of Michigan's (UoM) Consumer Confidence Index declining to 63 from 68.1 in September. This reading fell short of the market expectation of 67.4.

Further details of the publication revealed that the Current Conditions Index fell to 66.7 from 71.4 and the Expectations Index retreated to 60.7 from 66.9.

The one-year inflation outlook jumped to 3.8% from 3.2%, while the 5-year inflation outlook rose to 3% from 2.8%.

Market reaction

The US Dollar Index edged slightly higher after this report and was last seen posting small daily gains at 106.62.

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.

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