The monthly U.S. Consumer Confidence report is scheduled to be released at 10 a.m. EST (New York) Time today. Confidence in the the economy is an indicator of consumer spending. Consumer spending accounts for about 70 percent of the nation’s economic activity.
Economists are predicting that the U.S. Consumer Confidence rose since April to 70.7. April’s release was 68.1, much higher than the forecast of 61.4. It is possible that an overall better job outlook and expectations for higher pay will contribute to the consumer confidence level today.
According to Bloomberg, a prelimary confidence reading from the University of Michigan rose to an almost six-year high earlier in May.
The EURUSD looks pretty flat after the holiday weekend. The consumer confidence report could assist in changing that today.
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