Consumer Confidence drops to -8.1 in December as expected
Fundamental Forex Analysis

UoM Consumer Confidence improves to 101 (final) in February from 99.8

  • Consumer sentiment in US improves in February despite coronavirus.
  • US Dollar Index stays in positive territory near 98.60. 

The University of Michigan’s Survey of Consumers revealed that the Index of Consumer Sentiment in February improved to 101 (preliminary) from 99.8 in January. This reading came in slightly higher than the previous estimate and the market expectation of 100.9.

Commenting on the survey’s findings, “the coronavirus was mentioned by 8% of all consumers in February when describing the reasons for their economic expectations,” noted Surveys of Consumers chief economist, Richard Curtin. “However, on Monday and Tuesday of this week, the last days of the February survey, 20% mentioned the coronavirus due to the steep drop in equity prices as well as the CDC warnings about the potential domestic threat of the virus.”

USD stays resilient

Despite the fact that the 10-year US Treasury bond yield is at fresh all-time lows with a daily decline of more than 7%, the US Dollar Index is up 0.2% on the day at 98.59.

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