Forex Pros – U.S. consumer confidence declined unexpectedly in May, industry data showed on Tuesday.<br /><br />In a report, the Conference Board, a market research group said its index of consumer confidence fell to 60.8 in May, compared to a reading of 66.0 in April, whose figure was upwardly revised from 65.4.<br /><br />Analysts had expected the index to rise to 66.3 in May.<br /><br />The report showed that the Present Situation Index decreased to 39.3 from 40.2, while Consumer Expectations Index declined to 75.2 from 83.2 last month. <br /><br />Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, &ldquo;Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects.&rdquo;<br /><br />&ldquo;On the other hand, consumers&rsquo; assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth,&rdquo; she said.<br /><br />Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.8% to hit 1.4396.<br /><br />Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average added 0.85%, the S&amp;P 500 index climbed 0.7%, while the Nasdaq Composite index gained 0.9%.&nbsp; <br /><br />

Recent Articles By Forexpros:

• Forex – NZD/USD Weekly Outlook: January 23 – 27
• Crude Oil Futures – Weekly Outlook: January 23-27
• Forex – AUD/USD Weekly Outlook: January 23 – 27
• Forex – USD/JPY Weekly Outlook: January 23 – 27
• Gold Futures – Weekly Outlook: January 23-27
• All Articles By Forexpros »

Leave A Comment :