In November Consumer Confidence Index, surveyed by the Conference Board Inc., fell by 8.3 points to its lowest value since 2005. It decreased from 95.6 in October to 87.3 this month. Consumer confidence is the important measure of the consumers’ readiness to spend money and take credits. When this index falls so sharply, it usually means that U.S. economy is experiencing a slowdown or even a recession.
Contrary to the declining confidence index United States dollar strengthened its positions against many other currencies on the Forex market. EUR/USD fell by almost 50 points today. Signs of U.S. economy weakening began to worry OPEC and they promised to increase oil exporting volume, which caused oil prices to slide down. Decreasing oil prices in their turn caused a dollar uptrend.
