U.S. consumer sentiment index data for the month of February is set to release tomorrow. A partial government shutdown rung in the New Year, trade “discussions” between the U.S. and China to prevent a full-blown trade war continue to be ongoing and financial markets have rebounded by remain suppressed from all-time highs seen only a few short months ago, noted Wells Fargo in a research report. Such market noise has inevitably found its way into the sentiment of consumers. In the past three months, The Consumer Confidence Index has dropped, with most of the softness concentrated in the expectations component.
According to Wells Fargo, the sentiment index is likely to have rebounded in February to 124. If sentiment comes below the expected rate, it would be the latest confirmation that a deceleration is likely in consumer spending.
“A miss to the upside, however, would suggest that the still-strong job market and the modest gain in wages that has finally begun to transpire have provided some much needed support to the outlook of consumers”, added Wells Fargo.
At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 25.5977 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
