US Consumer Confidence Is About to Send a Signal to Bitcoin — Here’s What to Watch

Tomorrow, September 29, at 10:00 a.m. ET, the Conference Board will release its Consumer Confidence Index (CCI) for September. The index measures how optimistic or pessimistic consumers are about the economy and their own financial situation.

With one day to go before the release, the market expects a modest improvement in consumer confidence. The current consensus forecast is 90.0, up from 89.4 in August. If the forecast is confirmed, what could it mean for Bitcoin?

What to Watch in the CCI 

CCI combines views of current conditions (jobs and business conditions today) with expectations for the next six months. It matters because confidence can influence consumer spending and, therefore, economic activity.

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In August, overall CCI fell 0.8 points to 89.4 from 90.2 in July, marking a second consecutive monthly decline. Present Situation Index rose 6.8 points to 121.2,as consumers became more positive about current business and labor-market conditions.

The picture was less encouraging for the months ahead. The Expectations Index fell 5.8 points to 68.2, with consumers becoming more pessimistic about business conditions, jobs and income over the next six months.