The University of Michigan Consumer Sentiment report at 13:55 GMT details the results of nationally representative surveys of consumer confidence. The report gives an indication of how consumers feel about the current and future state of the economy and ultimately consumer spending behavior.
Trading Event: UOM Consumer Confidence report 13:55 GMT
- April’s UoM survey not only increased but was revised higher as consumer confidence optimism rose to the highest level since the global recession.
- Gallup Economic Sentiment indicator has increased to a -14 reading, so we would expect a rise in the UoM report.
- The labour market appears to be improving with steady job creation.
- Today’s figure is expected to increase to an 84.2 level up from April’s 82.6 level, pushing the index up to 2012 highs.
- Banc de Binary analysts predict that given recent optimism, the UoM report will be higher indicating a potential upward movement in the USD/JPY.