CB Consumer Confidence Index to be Released Today

CB Consumer Confidence Index to be Released Today

The economic news that will be focused on today by the market will be the announcement of the CB Consumer Confidence Index, which is due for release on Tuesday at 14:00 GMT. The indicator that shows the level of consumer confidence in the stability of the economy of the country will be revealed by the Conference Board. If there is an increase in the readings of the indicator, it is assumed that there is a growth in consumer spending.

Top economists are expecting them to be 107.5. However, when the CB Consumer Confidence was announced on 28th May 2024 at 14:00 GMT, it was reported to be 102.0, instead of the predicted figure of 76.3. This increase in the values of the indicator indicated that there was an increase in consumer spending. Therefore, the market participants who are related to the consumer sector of the market and those trading in the US dollar quotes are suggested to be alert and make a note of the changes in the readings of the indicator.

Fed Governor Bowman to Give Speech

According to the sources from the Board of Governors of the Federal Reserve System, Michelle W.Bowman, the Governor of the Fed will be delivering the speech on Tuesday at 11:00 GMT and the market participants who are trading in the American currency are recommended to watch them and make a note of the points included in it, as the statements of the speech rhetoric will be influencing the market momentarily. A favourable impact will be felt on the USD when the speech is considered as an intention to increase the interest rates at the next FOMC meeting. Furthermore, the monetary policy of the country is developed and implemented by the Fed Board of Governors.