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U.S. consumer sentiment falls more than expected in February

Investing.com -

Investing.com - U.S. consumer sentiment fell more than expected in February, dampening optimism over the effect on the economy, according to a report published on Friday.

The preliminary publication of the data for February from the University of Michigan's Consumer Survey Center showed that consumer sentiment dropped to 95.7 from 98.5 in the previous month.

Analysts had forecast a decrease to 97.9. January's reading had been the highest in the last dozen years according to the survey's chief economist Richard Curtin.

The current conditions indicator increased to 111.2 in February from the prior month's reading of 111.3.

Analysts had expected it to slip to 110.9.

Additionally, consumer expectations fell to 85.7 in February, from the prior reading of 90.3.

Economists had forecast it to decline to 89.0.

Meanwhile, inflation expectations for the next 12 months rose to 2.8%, from the prior 2.6%, while the five-year gauge decreased to 2.5%, from the prior 2.6%.

"Consumer confidence retreated from the decade-peak recorded in January, with the decline centered in the Expectations Index," Curtin explaines

"To be sure, confidence remains quite favorable, with only five higher readings in the past decade," he added.

Immediately following the report, EUR/USD was trading at 1.0630 from around 1.0621 ahead of the data, GBP/USD was at 1.2459 from 1.2452 earlier, while USD/JPY changed hands at 113.41 compared to 113.50 prior to the release.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.81, compared to 100.89 ahead of the report.

Meanwhile, U.S. stocks traded higher. The Dow Jones gained 46 points, or 0.23%, while the S&P 500 traded up 4 points, or 0.16%, and the tech-heavy NASDAQ Composite rose 2 points, or 0.04%.

Elsewhere, in the commodities market, gold futures traded at $1,231.65 a troy ounce, compared to $1,229.55 ahead of the data, while crude oil traded at $53.83 a barrel from $53.84 earlier.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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