Prelim UoM Consumer Sentiment

This indicator measures the level of consumer confidence in economic activity. It is a leading indicator because it is able to predict consumer spending, which forms a major part of overall economic activity, and is concluded from a survey of about 500 consumers. High readings indicate consumer positivity.
The US University of Michigan Consumer Confidence Index was revised higher to 63.8 in October of 2023 from an initial reading of 63. However, the result represented a sharp decline from 68.1 from the previous month to the lowest level since May. A measure of consumer expectations fell 9.9% to 59.3, largely due to deteriorating expectations about business conditions and concerns about consumers' personal finances. To a lesser extent, this decline is also attributable to the repercussions of negative current events at home and abroad. Meanwhile, the index measuring current economic conditions fell 0.7% to 70.6

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

The expected reading for today's statement is 63.7
A reading higher than expected has a positive impact on the currency, and a reading lower than expected has a negative impact on the currency

Timing of issuance of the statement

The statement will be issued at exactly five o’clock in the evening, Mecca time
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