The University of Michigan (UoM) is expected to release the preliminary reading of its monthly Consumer Confidence Index for September on Friday. This survey captures US consumers' views on their personal finances, business conditions, and purchasing plans, and is typically released alongside the University of Michigan Consumer Expectations Index and the University of Michigan Consumer Inflation Expectations Index.
Consumption is a major contributor to US Gross Domestic Product (GDP). The UoM Consumer Sentiment Index and Inflation Expectations Index have a solid reputation as forward-looking indicators of US economic trends, and their releases tend to have a significant impact on the US Dollar (USD) cross.
Regarding the preliminary reading for September, the UoM Consumer Sentiment Index is expected to show a further decline, to 58, from the already weak 58.2 seen in August.
Market participants will also be focusing on the five-year Consumer Inflation Expectations figure, which rose to 3.5% in August from 3.4% in July. (alg)
Source: FXstreet
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