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 for the US was revised upwards to 67 in February of 2023, the highest level since January 2022, from a preliminary 66.4. The expectations gauge was revised upwards to 64.7 from 62.3 while the current conditions sub-index was revised downwards to 70.7 from 72.6. Meanwhile, the inflation forecast for the year was revised down to 4.1% from 4.2% in the preliminary estimate and the 5-year forecast was unchanged at 2.9%.

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

The expected reading for today's statement is 66.9
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 exactly five o'clock in the evening, Mecca Al-Mukarramah time