US: UoM Consumer Sentiment Index declines to 82.8 in May vs. 90.4 expected

Consumer confidence in the US deteriorated in May.
US Dollar Index slumps to daily lows near 90.30 after the data.

Eren Sengezer FXStreet

The Consumer Sentiment Index in the US declined to 82.8 (preliminary) in May from 88.3 in April, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading missed the market expectation of 90.4 by a wide margin.

Further details of the publication revealed that the Current Economic Conditions Index declined to 90.8 from 97.2 and the Consumer Expectations Index edged lower to 77.6 from 82.7. Finally, the 1-year Inflation Outlook jumped to 4.6% from 3.4%.

Market reaction

The US Dollar Index extended its daily decline after this report and was last seen losing 0.45% on the day at 90.29.

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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