US: Consumer confidence deteriorates in June, USD edges lower

Consumer sentiment in the U.S. weakens in June.
New home sales declined 7.8% on a monthly basis in May.
US Dollar Index stays below the 96 mark following the weak data.

Eren Sengezer FXStreet

The monthly Consumer Confidence Survey published by the Conference Board today revealed that the consumer confidence weakened in June with the headline Confidence Index dropping to 121.5 in June from 131.3 in May.

Other data from the U.S. revealed that new home sales in May contracted by 7.8% to fall short of the market expectation for an increase of 1.9%.

With the initial reaction, the US Dollar Index edged lower and was last seen down 0.04% on the day at 95.96. Nevertheless, technically oversold conditions don't seem to be allowing the index to push lower.

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.

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