US UoM Consumer Confidence Index declines to 65.6 in June vs. 72 expected

• Consumer confidence in the US weakened in early June.
• UoM survey showed one-year inflation expectation held steady at 3.3%.

Consumer confidence in the US weakened in early June, with the University of Michigan’s Consumer Sentiment Index edging lower to 65.6 from 69.1 in May. This reading came in below the market expectation of 72.

The Current Conditions Index declined to 62.5 from 69.6 and the Consumer Expectations Index fell to 67.6 from 68.8.

The details of the survey revealed that the one-year inflation expectation held steady at 3.3%, while the five-year inflation outlook rose to 3.1% from 3%.

Market reaction

The US Dollar preserves its strength after this report. At the time of press, the US Dollar Index was trading at its highest level since early May at 105.75, rising 0.5% on the day.