US: UoM Consumer Sentiment Index recovers to 72.3 (final) in May vs. 74 expected

UoM data shows consumer confidence in US improved modestly in May.
US Dollar Index stays in the negative territory above 98.00.

Eren Sengezer FXStreet

The University of Michigan's Survey of Consumers revealed that the Index of Consumer Sentiment edged higher to 72.3 (final) in May from 71.8 in April. This reading came in lower than the previous estimate of 73.7 and missed the market expectation of 74.

Further details of the publication revealed that the Current Economic Conditions Index rose to 82.3 from 74.3 and the Index of Consumer Expectations dropped to 65.9 from 70.1.

Commenting on the data, "it should not be surprising that a growing number of consumers expected the economy to improve from its recent standstill, or that the majority still thought conditions in the economy would remain unfavorable in the year ahead," said Surveys of Consumers chief economist, Richard Curtin.

Market reaction

The US Dollar Index showed no reaction to this data and was last down 0.28% on the day at 98.20.

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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