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The Conference Board Consumer Confidence Index rose in September after a significant improvement in August. The index came in at 138.4 compared to 134.7 in August. Furthermore, the Current Situation Index slightly improved from 172.8 to 173.1, and the Expectations Index rose from 109.3 in the previous month to 115.3 this month.
"After a significant improvement in August consumer confidence increased in September and remains at an 18-year maximum," said Lynn Franco, director of economic indicators at the Conference Board. "September's reading does not deviate from the record level of 144.7, which was achieved in 2000. The assessment of current conditions by consumers remains extremely favorable, supported by the strong economy and dynamic employment growth, and the expectations index increased in September, suggesting solid economic growth of over 3.0 percent for the remainder of the year. This record-high level of trust should continue to support consumer spending and should be good news for retailers who are getting ready for the holiday season. "
Assessment of consumer sentiment regarding business conditions, employment and personal income. Based on a representative sample of thousands of mail-in surveys, the Conference Board index has the largest pooling sample of any US measure of consumer confidence. Consumer Confidence levels are generally linked with consumer spending. For instance, when consumer confidence is on the rise, consumer spending tends to increase. Low or falling consumer confidence on the other hand is typically associated with decreased spending and consumer demand.
Let's now take a look at the DXY technical picture at the H4 time frame. The market has failed to break through the level of 95.00 which is acting as a technical resistance for the price. The next technical support is seen at the level of 94.65. Please note, the market continues to trade below the blue trend line, which suggests more lower prices to come.
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