- Consumer confidence in the US rose to its best level in a year.
- The US dollar index records small daily losses below 92.80 after the data.
The consumer sentiment index in the US. improved sharply to 84.9 (final) in March from 76.8 in February, the latest consumer surveys from the US showed on Friday. University of Michigan. This reading was better than the flash estimate of 83 and beat the market expectation of 83.6.
Further details from the release revealed that the Current Economic Conditions Index rose to 93 from 86.2 and the Consumer Expectations Index rose to 79.7 from 70.7. Finally, the 1-year inflation outlook was reduced to 3.1% from 3.3%.
Commenting on the data, “consumer confidence continued to rise at the end of March, reaching its highest level in a year due to the third disbursement of aid checks and better-than-anticipated vaccination progress,” said the chief economist of Surveys of Consumers, Richard Curtin. “As the prospects for getting vaccinated have grown, so has people’s impatience with isolation, as those concerns were voiced by nearly a third of consumers in March, the highest level last year.” .
Market reaction
The dollar was unable to capitalize on this optimistic report and it was last seen that the US dollar index it lost 0.1% on the day at 92.76.
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