- The University of Michigan Consumer Confidence Index rose in the preliminary estimate for November.
- The Dollar Index remains in positive territory above 104.50.
The US consumer confidence improved in early Novemberwith the University of Michigan’s preliminary consumer sentiment index rising to 73 from 70.5 in October. This reading exceeded the market expectation of 71. This is the best figure recorded by the indicator in the last seven months.
The current conditions index fell to 64.4 from 64.9 and the Consumer expectations rose to 78.5 from 74.1.
Survey details showed that the one-year inflation expectation fell to 2.6% from 2.7%, while the five-year inflation outlook rose to 3.1% from 3%.
Market reaction
The Dollar Index continues to rise following this report and was last seen up 0.42% on the day at 104.78.
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.
