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 upwards to 64.4 in June of 2023, the highest level in four months, from an initial 63.9. Improvements were also seen in both current economic conditions (69 vs. 68) and consumer expectations (61.5 vs. 61.3). “Overall, this marked uptick reflects a rebound in attitudes that resulted from the resolution of the debt ceiling crisis early in the month, along with more positive sentiment about declining inflation. However, opinions about their personal financial situation have not changed, with prices still rising and prices still rising,” Joanne said. Hsu, director of polls, said the expenditures continued to impact consumers. Meanwhile, inflation expectations for the coming year fell for the second month in a row to 3.3%, the lowest level since March 2021, and in line with the initial estimate. Long-term inflation expectations changed slightly from May at 3%, also matching the preliminary reading

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

The expected reading for today's statement is 65.5
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