US UoM Consumer Confidence Index declines to 77.9 in April vs. 79 expected
|- Consumer confidence in the US weakened in early April.
- UoM survey showed one-year and five-year inflation expectations edged higher.
Consumer confidence in the US weakened in early April, with the University of Michigan's Consumer Sentiment Index edging lower to 77.9 from 79.4 in March. This reading came in below the market expectation of 79.
The Current Conditions Index declined to 79.3 from 82.5 and the Consumer Expectations Index fell to 77 from 77.4.
The details of the survey revealed that the one-year inflation outlook climbed to 3.1% from 2.9% in April, while the five-year inflation outlook rose to 3% from 2.8%.
Market reaction
The US Dollar preserves its strength after this report. At the time of press, the US Dollar Index was up 0.65% on the day at 105.95.
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