CB Consumer Confidence Index will be Disclosed Today

CB Consumer Confidence Index will be Disclosed Today

The major economic news that will be focused on Wednesday is the announcement of CB Consumer Confidence Index data for November month. It will be released by the Conference Board at 15:00 GMT. The indicator represents the level of consumer confidence about the stability of the economy of the country. If there is a rise in the values of the indicator, it would be assumed that there is a growth in consumer spending. Apart from that, the CB Consumer Confidence Index is considered to be a leading market indicator. Henceforth, market participants who are related to the consumer sector of the market or those trading in the US dollar quotes will be closely observing the changes in the values of the indicator. 

Economists are forecasting the Consumer Confidence Index to be 102.3. When the indicator was released on 28th November 2023 at 15:00 GMT, it was found to be 102.0. It decreased from the September figure of 103.

US to Release the Existing Home Sales

The Existing Home Sales for November month will be revealed by the National Association of Realtors on Wednesday at 15:00 GMT. Financial experts are expecting it to be 3.79 M, which was the same figure published on 21st Nov 2023 at 15:00 GMT. Market participants who are trading in the American currency or associated with the housing sector of the market are highly recommended to be updated about the changes in the readings of the indicator. The present condition of the real estate market in the US could be evaluated with the release of the Existing Home Sales. Furthermore, if there is an increase in the values of the indicator, it will have a positive effect on the US dollar quotes. So market participants should be vigilant during the release and be cautioned about making any significant market decisions.

Announcement of EIA Crude Oil Stocks Change

The weekly release of the EIA Crude Oil Stocks change will be made on Wednesday at 15:30 GMT and therefore, the market participants who are related to the oil industry or trading in the US dollar quotes are highly advised to make a note of the changes in the values of the indicator. It is suggested so as the rise in the figures will have an unfavourable impact on the oil barrel price. Contrary to this, a good impact will be felt on the American currency if there is a decline in the readings of the EIA Crude Oil Stocks Change, as it represents a stronger demand for oil due to declining crude oil stocks. Economists are estimating it to have a rise of 1.263 M. When it was revealed on 13th Dec 2023 at 15:30 GMT, it had a drop of 4.258 M. The crucial economic indicator will be released by the US Energy Information Administration.