Mubasher: Initial estimates by the University of Michigan indicated that the US consumer sentiment recovered in early October, amid anticipations of wage gains and lower inflation for the year ahead.

The consumer sentiment index climbed to 96 points in early October, compared with 93.2 last September, the university’s survey report showed on Friday.

“Stronger finances and lower interest rates helped to modestly bolster buying plans,” survey chief economist Richard Curtin said.

Assessment of current economic conditions also improved with the gauge rising to 113.4 points month-on-month in early October, while it slightly rose by 0.3% year-on-year.

Expectation index rose by 1.7% month-on-month to 84.8 points earlier this month from 83.4, while the index recorded a 5% year-on-year plunge.

By 1:57 pm GMT, the US dollar index dropped by 0.46% to 98.2500.