- Consumer Confidence Index for March revised down to 62.0 from 63.4 preliminary estimate.
- Limited impact of the turmoil on the banking sector.
- The DXY rose 0.09% on the day, far from its highs.
US consumer sentiment weakened in March more than previously reported, according to the Consumer Confidence report from the University of Michigan (UM). The Consumer Sentiment Index was revised from the preliminary estimate of 63.4 to 62.0 in March, against the market expectation of 63.2. The Current Economic Conditions fell from 70.7 in February to 66.3 and the Consumer Expectations Index fell from 64.7 to 59.2.
“This month’s turbulence in the banking sector had a limited impact on consumer sentiment, which was already showing downward momentum before the Silicon Valley Bank failure. Overall, our data revealed multiple signs that consumers are increasingly expect the next recession,” said Joanne Hsu, Director of Consumer Surveys.
As for inflation, one-year expectations “retreated from 4.1% in February to 3.6%, the lowest reading since April 2021, but remained well above the 2.3-3.0% range seen in the previous two years.” to the pandemic” Five-year expectations stood at 2.9% for the fourth consecutive month.
Market reaction
The Dollar Index rises modestly on Friday. It started to move away from the highs after the release of the US Core CPI report for March, and has followed a downward trend since then. At the time of writing these lines, the trade was at 102.25.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
