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Consumer Confidence Dips, Reflects Growing Concerns Regarding Coronavirus

Consumer Confidence Dips, Reflects Growing Concerns Regarding Coronavirus

Brendan Fagan,
  • Consumer Sentiment fell to 79.2, vs. an expected reading of 80
  • Reading reflects ongoing worry regarding rising cases, deaths in the United States
  • Retail sales for December also declined, indicating widespread fears over short term prospects

US Consumer Confidence came in at 79.2 in the January preliminary reading, against an expectation of 80. The decline in confidence reflects a growing concern over the rising COVID cases in the United States, and the potential for lockdowns in the near future should the virus begin to spread out of control.

DailyFX Economic Calendar

Consumer Confidence Dips, Reflects Growing Concerns Regarding Coronavirus

View more from the DailyFX Economic Calendar here

The move in consumer sentiment follows a disappointing read on retail sales for the month of December, as retail sales fell 0.7%. Job numbers also disappointed, as unemployment claims totaled 965,000 for the week. Continued poor economic data has paved the way for the incoming Biden Administration to unveil a sweeping stimulus plan totaling $1.9 trillion.

In immediate trade, the US Dollar moved higher. Gold sold off in the aftermath of the report, slipping down to $1,834 per oz. Inflation expectations came in at 3% against a prior reading of 2.5%, as the Federal Reserve continues its efforts to support households, the broader economy, and capital markets.

US Dollar Index 1m Chart

Consumer Confidence Dips, Reflects Growing Concerns Regarding Coronavirus

Chart created with TradingView

Written by Brendan Fagan, DailyFX Intern

For more, connect with Brendan on Twitter@BrendanFaganFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.