US: University of Michigan Consumer Confidence improves to 64.6 in January vs. 60.5 expected

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  • US consumer confidence continued to rise in early January.
  • The Dollar Index is remains in daily range above 102.00 after the data was released.

US consumer sentiment improved in early January, with an Index of Consumer Confidence from the University of Michigan (UM) which rose to 64.6 from 59.7 in December, reaching its best result in nine months, specifically since April 2022. This data exceeded market expectations, which placed it at 60.5 points.

“The inflation expectations one year ahead fell for the fourth consecutive month, falling to 4.0% in January from 4.4% in December,” the University of Michigan noted in its post. “The current reading is the lowest since April 2021, but still well above the 2.3-3.0% range seen over the two years before the pandemic”.

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

Market reaction

The Dollar Index did not immediately react to this report and is trading little changed at 102.28, flat on the day.

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Source: Fx Street

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