Christopher Vecchio, Currency Analyst at DailyFX, comments:
“Winter’ inclemency may or may not be impacting the US economy but US consumers are thus far weathering the weather. The Consumer Confidence gauge dropped to 78.1 in February from 79.4 in January, but the Present Situation subcomponent climbed to its highest level over the past 12-months at 81.7. The Expectations subindex dropped to 75.7 from 80.8, but remains above the lows set near 71 around the October fiscal hot stove.
“This data suggests that American consumers retain their positivity about the economy, but the recent patch of weakness seen the past few months is starting to erode hope. Considering that Americans feel that their current situation is improving steadily, any drop in consumption data seen from December to February could bounce back once warmer, more amicable spring weather arrives.”