The University of Michigan consumer sentiment index has fallen to 66.8 points in the preliminary reading for November, being below the 72.4 expected by the market. In October, the indicator obtained 71.7 points.
The first estimate of November is for now the worst reading recorded in ten years, specifically since November 2011.
The Present Conditions Index fell to 73.2 from 77.7 and the Consumer Expectations Index fell to 62.8 from 70.5.
Richard Curtin, Chief Economist at Surveys of Consumers, notes: “Consumer confidence fell in early November to its lowest lowest level in a decade due to a rising inflation rate and the growing belief among consumers that effective policies have not yet been developed to reduce the damage of rising inflation. One in four consumers cited inflationary cuts in their living standards in November. “
Market reaction
The dollar has fallen more than 15 pips as measured by its DXY index, falling to the day’s lows at 95.05. After hitting highs for the year early Friday at 95.26, the greenback is now moving above 95.07, losing 0.07% on the day.
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