US: UoM Consumer Confidence Index improves to 64.6 in January vs. 60.5 expected

Consumer confidence in the US continued to rise in early January.
US Dollar Index holds in daily range above 102.00 after the data.

Eren Sengezer FXStreet

Consumer sentiment improved in the US in early January with the University of Michigan's (UoM) Consumer Confidence Index rising to 64.6 from 59.7 in December. This reading came in better than the market expectation of 60.5.

"Year-ahead inflation expectations receded for the fourth straight month, falling to 4.0% in January from 4.4% in December," the UoM noted in its publication. "The current reading is the lowest since April 2021 but remains well above the 2.3-3.0% range seen in the two years prior to the pandemic."

Finally, long-run inflation expectations were little changed from December at 3.0%, again staying within the narrow 2.9-3.1% range for 17 of the last 18 months.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen trading little changed on the day at 102.28.

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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