US: CB Consumer Confidence Index drops to 98.7 in June vs. 100 expected
- Consumer confidence in the US continued to weaken in June.
- US Dollar Index clings to strong daily gains near mid-104.00s.
The data published by the Conference Board showed on Tuesday that the Consumer Confidence Index dropped to 98.7 in June from 103.2 in May. This print came in weaker than Reuters' estimate of 100.00.
Further details of the press release revealed that the Present Situation Index fell to 147.1 from 147.4 and the Expectations Index plunged to its lowest level since March 2013 at 66.4 from 73.7.
Additionally, the one-year consumer inflation rate expectations climbed to 8% from May's revised print of 7.5%.
Market reaction
The greenback continues to outperform its major rivals after this report and the US Dollar Index was last seen rising 0.5% on the day at 104.45.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
