US: UoM Consumer Sentiment Index rises to 70.4 in December vs. 67.1 expected
|- The UoM Consumer Sentiment Index rose to 70.4 from 67.1 in December.
- The better than expected consumer numbers failed to move FX markets.
Consumer confidence in the US strengthened modestly in December with the University of Michigan's (UoM) preliminary estimate of the Consumer Sentiment Index rising to 70.4, up from 67.4 in November. This print came in above market expectations of 67.1.
Meanwhile, the preliminary estimate of the December Consumer Expectations index also rose to 67.8. Markets had expected the expectations focused index to drop to 62.0 from 63.5 in December. Finally, the Current Conditions Index rose to 74.6, up from 73.6 a month ago and above expectations for a drop to 71.0.
Market Reaction
The better than expected US consumer sentiment figures for December are reassuring but did not have any notable impact on FX markets. While better than expected, sentiment remains highly subdued by historical standards.
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