- UoM’s Consumer Sentiment Index fell to its lowest since October 2011 at 61.7 in February, a much larger than expected drop.
- FX markets did not see any notable reaction to the latest poor data.
According to the University of Michigan’s preliminary February Consumer survey, the Consumer Sentiment Index fell to 61.7 in February, well below expectations for a slight rise to 67.5 from 67.2 in January. That marked the lowest such reading since October 2011. The Current Conditions Index fell to 68.5 from 72.0 in January versus forecasts for a small rise to 73.0, its lowest reading since August 2011. The Consumer Expectations Index fell to 57.4 from 64.1 in January, it’s lowest such reading since November 2011. The one-year Inflation Expectations Index rose to its highest since July 2008 at 5.0% from 4.9% in January.
Poor Consumer Sentiment data has failed to shift the dial for the US dollar, with the DXY continuing to trade sideways in the 95.80s, where it trades broadly flat on the session.