US: UoM Consumer Sentiment Index in November rose to 96.8 vs. 95.7 expected

Consumer confidence in US continues to strengthen in November.
US Dollar Index stretches higher on the upbeat data.

Eren Sengezer FXStreet

The consumer sentiment continued to improve in the United States (US) in November with the University of Michigan's Index of Consumer Sentiment rising to 96.8 from 95.5 in October and surpassing both the advanced estimate and market expectation of 95.7.

The US Dollar Index clings to its daily gains following this data and was last up 0.18% on the day at 98.14.

Commenting on the data, "Personal spending will be energized by record favorable evaluations by consumers of their personal financial situation, with gains expected across the entire income distribution, net increases in household wealth, the renewed appeal of price discounting, and reduced mortgage rates," said Surveys of Consumers chief economist, Richard Curtin. "Nonetheless, there is little point in dismissing the significant risks from potential negative shocks, associated with tariffs, impeachment, the presidential election, global growth, and geopolitical events."

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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