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In January, American consumer sentiment shrank to its lowest value since US leader was elected more than two years ago because an everlasting shutdown of the federal cabinet and financial market volatility drove worries of a steep deceleration in economic surge.
The sink in confidence posted by the University of Michigan on Friday turns out to be the clearest indication that the impasse in Washington over US President’s demands for $5.7 billion to finance building a wall on America’s border with Mexico was affecting the US economy. US leader has associated high consumer confidence with a sign of his great job on the American economy.
While consumer sentiment is still high enough, the gathering dark clouds over the national economy could make American households become more cautious about spending, thus resulting in slower surge. As a matter of fact, consumer spending amounts to over two-thirds of the American economy.
Some market experts pointed out that the given report on consumer sentiment appears to be the first concrete evidence that the American economy is going to head south hard if the US government fails to have the shutdown resolved.
The longest government shutdown in the US history has eventually left up to 800,000 government employees without a paycheck. As for private contractors working for many government agencies, they lack wages too.
As the University of Michigan pointed out, its consumer sentiment index dived by 7.7% to an outcome of 90.7 in January, which appears to be the lowest value since October 2016 and also the steepest dive since September 2015. Market experts had foreseen an outcome of 97.0.
American financial markets generally neglected the dive in sentiment, with traders paying attention to another report on Friday disclosing that manufacturing output went up by the most for 10 months in December and on expectations for progress in the US-China trade clash.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The US will reveal Non-farm payrolls today at 15:30 GMT+3. Here are the forecasts of 8 major banks regarding the upcoming NFP report. The common forecast (market consensus) is 500K. What’s yours?
The United States will release the weekly Unemployment Claims on Thursday, at 15:30 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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