US UoM Consumer Confidence Index declines to 76.5 in March vs. 76.9 expected
|- UoM Consumer Sentiment Index edged lower in March's preliminary reading.
- The US Dollar Index stays in daily range above 103.00 after the data.
Consumer confidence in the US weakened slightly in early March, with the University of Michigan's Consumer Sentiment Index edging lower to 76.5 from 76.9 in February. This reading came in below the market expectation of 76.9.
The 5-year Inflation Expectation component of the survey remained unchanged at 2.9%.
Assessing the survey's findings, "small improvements in personal finances were offset by modest declines in expectations for business conditions," said Surveys of Consumers Director Joanne Hsu and continued:
"After strong gains between November 2023 and January 2024, consumer views have stabilized into a holding pattern; consumers perceived few signals that the economy is currently improving or deteriorating. Indeed, many are withholding judgment about the trajectory of the economy, particularly in the long term, pending the results of this November’s election."
Market reaction
This report failed to influence the US Dollar's valuation against its major rivals. At the time of press, the US Dollar Index was virtually unchanged on the day at 103.40.
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