What are the main events for today?

We have another empty European session ahead in terms of data releases. In the American session, we will get several low-tier US data but th focus will be on the labour market data in the US Consumer Confidence report.

14:00 GMT/10:00 ET – US August Consumer Confidence

The US Consumer
Confidence is expected at 100.7 vs. 100.3 prior. The last report saw the present situation index, which is generally a
leading indicator for the unemployment rate, falling to a three-year
low.

Dana M. Peterson,
Chief Economist at The Conference Board said: “Confidence increased in July,
but not enough to break free of the narrow range that has prevailed over the
past two years. Compared to last month, consumers were somewhat less
pessimistic about the future.”

“Expectations for
future income improved slightly, but consumers remained generally negative
about business and employment conditions ahead. Meanwhile, consumers were a
bit less positive about current labour and business conditions.”

“Potentially,
smaller monthly job additions are weighing on consumers’ assessment of current
job availability: while still quite strong, consumers’ assessment of the
current labour market situation declined to its lowest level since March 2021”.

This article was written by Giuseppe Dellamotta at www.forexlive.com.