US: UoM Consumer Confidence Index drops to 54.7 in November vs. 59.5 expected

• Consumer confidence in the US deteriorated in early November.
• US Dollar Index stays deep in negative territory below 107.00.

Consumer sentiment in the US weakened in early November with the University of Michigan's (UoM) Consumer Confidence Index falling to 54.7 (flash) from 59.9 in October. This reading came in below the market expectation of 59.5.

"Inflation expectations are little changed. The median expected year-ahead inflation rate was 5.1%, up from 5.0% last month," the publication further read. "Long run inflation expectations, currently at 3.0%, have remained in the narrow (albeit elevated) 2.9-3.1% range for 15 of the last 16 months."

Market reaction

This report failed to trigger a significant market reaction and the US Dollar Index was last seen losing 1% on the day at 106.88.