US UoM Consumer Confidence Index declines to 65.6 in June vs. 72 expected

Consumer confidence in the US weakened in early June.
UoM survey showed one-year inflation expectation held steady at 3.3%.

Eren Sengezer FXStreet

Consumer confidence in the US weakened in early June, with the University of Michigan's Consumer Sentiment Index edging lower to 65.6 from 69.1 in May. This reading came in below the market expectation of 72.

The Current Conditions Index declined to 62.5 from 69.6 and the Consumer Expectations Index fell to 67.6 from 68.8.

The details of the survey revealed that the one-year inflation expectation held steady at 3.3%, while the five-year inflation outlook rose to 3.1% from 3%.

Market reaction

The US Dollar preserves its strength after this report. At the time of press, the US Dollar Index was trading at its highest level since early May at 105.75, rising 0.5% on the day.

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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