US Auto Sales and Consumer Confidence Pressured by Higher Rates

U.S. auto sales rose slightly in October, hit by rising interest rates and higher vehicle prices, and No.2 carmaker Ford Motor Co. (F.N) warned of slipping consumer confidence, indicating sales volumes would continue to moderate in 2018.



Ford on Thursday reported a 5 percent decline in sales for its pickup trucks, while overall sales fell 3.9 percent to 192,616 units in October hurt by lower passenger car demand.

Ford said consumers are relatively confident about economic conditions, albeit slightly less so than in September, citing data for October from University of Michigan’s consumer sentiment index, adding payments have crept up with rising interests rates.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza