Release Explanation: This is the Conference Board's survey of consumer confidence regarding current and future economic conditions. The survey, based on responses from about 5000 households, builds an economic picture of the mood of the economy’s consumer and therefore how well the service based economies may fair over the coming months. Retail Sales, New & Existing Home Sales, CPI, Durable Goods, and GDP over a period of time if a constant trend is being built. A currency will eventually be affected by these numbers, but only once they filter through to the main releases.
Trade Desk Thoughts: U.S. Consumer Confidence reached another all-time low in February, according to the latest report from the Conference Board. The index declined to 25.0, down from January's 37.4, worse than economists' expectations of 35.5.The Present Situation Index declined sharply to 21.2 from 29.7 last month and the Expectations Index decreased to 27.5 from 42.5 in January.
Consumers' appraisal of overall current conditions worsened. Those claiming business conditions are bad rose to 51.1% from 47.9%, while those saying business conditions are good edged up to 6.8% from 6.5% last month. Consumers' assessment of the labor market turned considerably more pessimistic in February. Those saying jobs are hard to get increased to 47.8% from 41.1% in January, while those stating jobs are plentiful fell to 4.4% from 7.1%.
The employment outlook was also much grimmer. The percentage of consumers expecting fewer jobs in the months ahead increased to 47.3% from 36.9%, while those expecting more jobs declined to 7.1% from 9.1%. The proportion of consumers expecting an increase in their incomes declined to 7.6% from 10.3%.
Forex Technical Reaction: The S&P was barely holding its head above water with a 0.5 point gain. The dollar has been gaining on the higher-yielders as stocks declined.
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