Fiper | Prelim UoM Consumer Sentiment

This indicator measures the level of consumer confidence in economic activity. It is a key indicator because it can predict consumer spending, which constitutes a major part of the overall economic activity, and deduces from a survey of about 500 consumers, high readings indicate a positive consumer
Consumer sentiment at the University of Michigan in the US was revised higher to 59.9 in October 2022 from 59.8 initially. The current conditions sub-index was revised higher to 65.6 from 65.3 while the expectations scale was confirmed at 56.2. The average projected inflation rate for the next year has risen to 5.0%, with increases recorded across age, income and education. Last month, long-term inflation expectations fell below the narrow range of 2.9-3.1% for the first time since July 2021, but the forecast has since returned to 2.9%. Uncertainty about inflation expectations remains high, indicating that inflation expectations are likely to remain unstable in the coming months

Forecast for today's index and how it affects the currency

The expected reading for today's statement is 58.7
A reading higher than expected positively affected the currency and a reading lower than expected negatively affected the currency