U.S. CB consumer confidence falls to 7-month low

Forex Pros – pros – U.S. consumer confidence fell more-than-expected in June, slumping to a seven-month low, industry data showed on Tuesday.

In a report, the Conference Board, a market research group said its index of consumer confidence fell to 58.5 in June from a reading of 61.7 in May, which was revised up from 60.8.

Analysts had expected the index to ease down to 60.3 in June.

The report showed that the Present Situation Index decreased to 37.6 from 39.3, while Consumer Expectations Index declined to 72.4 from 76.7 last month.

Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “This month’s decline in consumer confidence was driven by a less favorable assessment of current conditions and continued pessimism about the short-term outlook.”

“Given the combination of uneasiness about the economic outlook and future earnings, consumers are likely to continue weighing their spending decisions quite carefully,” she added.

Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.27% to trade at 1.4328.

Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average added 0.65%, the S&P 500 index climbed 0.68%, while the Nasdaq Composite index gained 0.67%. 




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