Breaking News: USD depreciates after upbeat consumer confidence data

16:12 13 January 2023

The University of Michigan consumer confidence index in the US rose to 64.6 in January from 59.7 in December, well above the market’s forecast of 60.4, preliminary estimates showed. This is the highest reading since April.

The current situation was viewed more positively (68.6 vs. 59.4) and expectations also rose to 62 from 59.9. Inflation expectations for the year ahead fell for the fourth straight month, falling to 4.0% in January (December: 4.4%), the lowest level since April 2021. Long-term inflation expectations were little changed at 3.0% from December, remaining within the narrow range of 2.9-3 for 17 of the last 18 months, 1%.

EURUSD bounced back above 1.0800 level. What: xStation5

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