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Fundamental Forex Analysis

NFIB Business Optimism Index improves to 104.3 in January vs. 103.4 expected

  • Small Business Optimism in US improves in January. 
  • US Dollar Index stays below 99 ahead of FOMC Chairman Powell’s testimony. 

The Small Business Optimism Index improved to 104.3 in January from 102.7 in December and came in better than the market expectation of 103.4, the National Federation of Independent Business’ (NFIB) monthly publication showed on Tuesday.

Commenting on the data, “2020 is off to an explosive start for the small business economy, with owners expecting increased sales, earnings, and higher wages for employees,” said NFIB Chief Economist William Dunkelberg. “Small businesses continue to build on the solid foundation of supportive federal tax policies and a deregulatory environment that allows owners to put an increased focus on operating and growing their businesses.”

USD reaction

The US Dollar Index largely ignored this data and was last seen at 98.80, where it was down 0.05% on a daily basis. Investors are waiting for FOMC Chairman Powell to testify before the Committee on Financial Services of the Congress at 15:00 GMT.

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