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US CB Consumer Confidence Index improves to 91.7 in October
- The US CB Consumer Confidence Index ticks higher in October.
- The US Dollar Index trades at two-week highs above 102.00.
US consumer sentiment gathers some momentum in October, as the Conference Board’s Consumer Confidence Index improves to 91.7 from September’s 84.2 (revised from 81.9).
“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. ”, said Fergus McCormick, Senior Economist, Global Indicators, The Conference Board.
Market reaction
The US Dollar (USD) trades with decent gains, regaining upside traction and advancing further north of the 102.00 barrier on Tuesday, always amid steady caution ahead of the FOMC event on Wednesday.
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