Research Team at Nomura notes that the US consumer confidence index dropped more than expected in February to 92.2 from 97.8. Key Quotes “The volatility in financial markets and less optimistic view on the labor markets likely hurt the consumers’ conviction in the US economy. Recently, things have stabilized in the financial markets and equity prices have trended higher. Although gasoline prices have edged higher of late, they are still relatively low compared with a year ago. Labor market indicators for March have been generally favorable. Taken together, we believe the consumer confidence index will trend higher to 95.0 in March." For more information, read our latest forex news.