Prelim UoM Consumer Sentiment

This indicator measures the level of consumer confidence in economic activity. It is a major indicator because it can predict consumer spending, which forms a major part of the overall economic activity, and it deduces from a survey of about 500 consumers, high readings that indicate consumer positivity
University of Michigan consumer sentiment in the US was revised higher to 56.8 in November of 2022 from 54.7 and above market expectations of 55. The sub-index for current conditions was revised higher to 58.8 from 57.8 and the expectations gauge was revised up. to 55.6 from 52.7. Meanwhile, the inflation forecast for next year eased to 4.9% from 5.1% in the initial estimate of 5.1% while the 5-year forecast was unchanged at 3%. Besides the continuing impact of inflation, consumer attitudes have also been affected by rising borrowing costs, declining asset values, and poor labor market prospects.

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

The expected reading for today's statement is 56.9
A higher-than-expected reading positively affected the currency and a lower-than-expected reading negatively affected the currency

The timing of the statement

The statement will be issued at six o'clock in the evening, Mecca Al-Mukarramah time