Forex News

US consumer confidence drops to five-year low

US consumer confidence drops to five-year low

The Conference Board’s Consumer Confidence Index showed a significant drop in April, largely reflecting the deterioration in the labor market on the back of lockdowns imposed to contain the Covid-19 pandemic.

The confidence index fell from 120 points in March to 86.9 in April, the lowest since June 2014. Analysts had predicted a reading of 88.3.

The current situation gauge dropped sharply to 75.4 from March’s reading of 166.7, but future expectations index, which asks people how they feel about the next six months, soared to 93.8 from a previous of 86.8.

The dollar index continued to trade lower at 99.77 after hitting a bottom at 99.47, extending its plunge for a third straight session, as of 14:45 GMT.

Share Article