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USD Holds Steady, US Consumer Confidence Shows Surprise Increase

USD Holds Steady, US Consumer Confidence Shows Surprise Increase

Justin McQueen, Strategist

US Dollar Analysis & News

  • US Consumer Confidence Shows a Surprise Increase
  • Eyes on Central Bank Decisions and Month-End

The latest US Conference Board consumer confidence posted a surprise increase to 113.8, above expectations looking for a drop to 108.3. Meanwhile, both the present situation index and expectations index regarding business and labour market conditions both rose in October.

On inflation, it was reported that while short-term inflation rose to a 13yr high, the impact on confidence had been muted. The proportion of consumers planning to purchase homes, automobiles, and major appliances all increased in October, providing a sign that consumer spending will continue to support economic growth through the final months of the year.

As is usually the case for consumer confidence data, little in the way of notable market moves had been seen across the FX space. Instead, while upcoming central bank meetings from the BoC and ECB will garner attention, focus will also lie on month-end rebalancing.

USD Holds Steady, US Consumer Confidence Shows Surprise Increase

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

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