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October rise takes US CB Consumer Confidence Index to 91.7
- The US CB Consumer Confidence Index edges up in October.
- Above 102.00, the US Dollar Index trades at its highest level in two weeks.
The Conference Board’s Consumer Confidence Index rises to 91.7 in October from 84.2 in September (revised from 81.9), signalling a modest improvement in US consumer sentiment.
Fergus McCormick, Senior Economist, Global Indicators, The Conference Board, said: “Consumer confidence advanced in October, driven primarily by improved perceptions of current and expected business conditions… The recovery was in line with retail gasoline prices easing from September to October. Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that’s persisted over the past few years. ”
US Dollar extends gains
With caution persisting ahead of Wednesday’s FOMC event, the US Dollar (USD) posts solid gains on Tuesday, recovering upward momentum and moving further above the 102.00 threshold.
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