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 constitutes a major part of the overall economic activity, and it is derived from a survey of about 500 consumers, high readings that indicate consumer positivity

University of Michigan consumer sentiment in the US was revised upwards to 59.7 in December of 2022 from 59.1 at the start. The expectations gauge was revised upwards to 59.9 from 58.4 while the current conditions sub-index was revised downwards to 59.4 from 60.2. Meanwhile, the inflation forecast for the year was revised down to 4.4% from 4.6% in the initial estimate and the 5-year forecast was revised downward to 2.9% from 3%.

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

The expected reading for today's statement is 60.8
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