US: UoM Consumer Sentiment Index drops to 76.2 in February vs. 80.8 expected
- Consumer confidence in US continued to weaken in February.
- US Dollar Index stays in the positive territory above 90.50.
The Consumer Sentiment Index in the US fell to 76.2 (preliminary) in February from 79 in January, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading came in worse than the market expectation of 80.8.
Further details of the publication revealed that the Current Economic Conditions Index edged lower to 86.2 from 86.7 and the Index of Consumer Expectations slumped to 69.8 from 74.
Commenting on the data, "consumer sentiment edged downward in early February, with the entire loss concentrated in the Expectation Index and among households with incomes below $75,000," said Surveys of Consumers chief economist, Richard Curtin.
"Households with incomes in the bottom third reported significant setbacks in their current finances, with fewer of these households mentioning recent income gains than anytime since 2014," Curtin added.
Market reaction
The US Dollar Index inched slightly lower after this report and was last seen gaining 0.23% on the day at 90.62.
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.
