SPX

CB Consumer Confidence Fell To 106.7 In February, Missing Analyst Expectations

FXEmpire.com -

On February 27, 2024, The Conference Board released CB Consumer Confidence report for February.

The report indicated that CB Consumer Confidence declined from 114.8 in January to 106.7 in February, compared to analyst consensus of 115.

The Present Situation Index declined from 154.9 in January to 147.2 in February, while the Expectations Index decreased from 81.5 to 79.8. Expectation Index readings below 80 often signal a recession.

The Conference Board commented: “February’s write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months. But they are more concerned about the labor market situation and the U.S. political environment.”

U.S. Dollar Index settled above the 103.80 level as traders reacted to the CB Consumer Confidence report. The weaker-than-expected report may put some pressure on the American currency, but traders will also stay focused on the dynamics of the debt markets.

Gold  remained stuck near the $2035 level after the release of the report. Gold markets stay calm, supported by central banks’ purchases.

SP500 settled near the 5070 level as traders remained focused on the dynamics of tech stocks. It remains to be seen whether CB Consumer Confidence report will have a material impact on equity market dynamics.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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