US: UoM Consumer Sentiment Index edges lower to 71.4 in October vs. 73.1 expected

UoM Consumer Sentiment Index edged lower in early October.
US Dollar Index continues to fluctuate around 94.00.

Eren Sengezer FXStreet

Consumer confidence in the US weakened modestly in October with the University of Michigan's Consumer Sentiment Index declining to 71.4 in October's flash reading from 72.8 in September. This print came in lower than the market expectation of 73.1.

Further details of the publication revealed that the Current Conditions Index edged lower to 77.9 from 80.1 and the Consumer Expectations Index fell to 67.2 from 68.1.

Commenting on the data, "the Delta variant, supply chain shortages, and reduced labor force participation rates will continue to dim the pace of consumer spending into 2022," said Richard Curtin, Surveys of Consumers chief economist.

Market reaction

This report doesn't seem to be having a noticeable impact on the dollar's performance against its rivals. As of writing, the US Dollar Index was virtually unchanged on the day at 94.00.

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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