The index of University of Michigan consumer sentiment has fallen 3.4 points in the preliminary reading for November, placing it at 60.4 compared to 63.8 in October, its lowest level in six months. The figure disappoints market expectations, which predicted a slight decline to 63.7.
The component that measures consumers’ 5-year inflation expectations has risen to 3.2% from the previous 3%, its highest level in recent years. The one-year inflation expectation has risen to 4.4% from 4.2% previously.
The current conditions index has fallen about 5 points, settling at 65.7 from the previous 70.6. The expectations component has decreased to 56.9 from 59.3.
dollar reaction
He Dollar Index (DXY) has risen as an immediate reaction to the publication, reaching the area 106.00, new high of the week. At the time of writing, the USD is trading above 105.93, gaining a slight 0.03% daily.
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.
