US: UoM Consumer Sentiment Index drops to 77 in November vs. 82 expected

• Consumer confidence in US deteriorated sharply in November.
• US Dollar Index showed no reaction to the data and remains below 93.00.

The Consumer Sentiment Index in the US declined to 77 in November from 81.8 in October, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading missed the market expectation of 82 by a wide margin.

Further details of the publication revealed that the Current Economic Conditions Index stayed virtually unchanged at 85.8 and the Index of Consumer Expectations worsened to 71.3 from 79.2.

Commenting on the data, "consumer sentiment fell in early November as consumers judged future economic prospects less favorably, while their assessments of current economic conditions remained largely unchanged," said Surveys of Consumers chief economist, Richard Curtin. "The outcome of the presidential election, as well as the resurgence in covid infections and deaths, were responsible for the early November decline."

Market reaction

This report doesn't seem to be having an impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was down 0.15% on the day at 92.82.