30th May 2017
U.S. consumer confidence fell more than expected in May, dampening optimism over the outlook for the consumption-driven economy, industry data showed on Tuesday.
In a report, the Conference Board, a market research group, said its index of consumer confidence declined to 117.9 this month from a reading of 119.4 (revised from an initial 120.3) in March.
Analysts had expected the index to fall to 119.8 in April.
“Consumer confidence decreased slightly in May, following a moderate decline in April,” Lynn Franco, Director of Economic Indicators at The Conference Board, said.
“However, consumers’ assessment of present-day conditions held steady, suggesting little change in overall economic conditions,” she added.
"Looking ahead, consumers were somewhat less upbeat than in April, but overall remain optimistic that the economy will continue expanding into the summer months,” she concluded.
After the report, EUR/USD was trading at 1.1188 from around 1.1187 ahead of the publication; GBP/USD was at 1.2870 from 1.2862 earlier; while USD/JPY was at 111.02 from 111.08 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 97.24 compared to 97.26 prior to the release.
Meanwhile, U.S. stock markets traded lower after the open. The Dow 30 fell 0.1%, the S&P 500 lost 0.20%, while the Nasdaq Composite slipped 0.06%.
Elsewhere, in the commodities market, gold futures traded at $1,263.61 a troy ounce, compared to $1,263.82 ahead of the data, while crude oil traded at $49.15 a barrel from $49.16 earlier.
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