US UoM Consumer Confidence Index fell further in May to 67.4
Source Fxstreet
- Consumer confidence in the United States contracted by more than anticipated in May
- UoM survey showed one-year and five-year inflation expectations edged higher.
Consumer confidence in the US fell in May, with the University of Michigan's Consumer Sentiment Index plummeting to 67.4 in April from 77.2 in March. The reading also missed the market expectation of 76.
The Current Conditions Index declined to 68.8 from 79 in the previous month. More worrisome, 1-year inflation expectations were up to 3.5% vs 3.2% previously, while 5-year inflation expectations increased to 3.1% from 3.0%.
Market reaction
The US Dollar remains on the back foot after the report, showing no reaction to the news. Meanwhile, stock markets continue to pressure weekly highs, in line with the dominant optimism.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Silver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
Gold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
Gold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face downside risk as bears regain control Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Related Instrument
