- US consumer confidence weakened in early June.
- The University of Michigan survey showed that the one-year inflation expectation remained stable at 3.3%.
American consumer confidence weakened in early June, with the University of Michigan Consumer Sentiment Index falling to 65.6 from 69.1 in May. This reading was below the market expectation of 72.
The Current Conditions Index decreased to 62.5 from 69.6 and the Consumer Expectations Index fell to 67.6 from 68.8.
Survey details revealed that the one-year inflation expectation remained stable at 3.3%, while the five-year inflation outlook rose to 3.1% from 3%.
Market reaction
The US dollar remains strong after this report. At press time, the Dollar Index was trading at its highest level since early May at 105.75, up 0.5% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
