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U.S. CB consumer confidence falls to 88.7 in November

Published 11/25/2014, 10:03 AM
Updated 11/25/2014, 10:03 AM
U.S. CB consumer confidence falls sharply in November

Investing.com - U.S. consumer confidence deteriorated sharply in November, one month after hitting the highest level in seven years, industry data showed on Tuesday.

In a report, the Conference Board, a market research group said its index of consumer confidence fell to 88.7 this month from a reading of 94.1 in October, whose figure was revised down from a previously reported 94.5.

Analysts expected the index to increase to 95.9 in November.

The Present Situation Index declined from 94.4 to 91.3, while the Expectations Index decreased sharply to 87.0 from 93.8 in October.

Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers were somewhat less positive about current business conditions and the present state of the job market; moreover, their optimism in the short-term outlook in both areas has waned."

EUR/USD was trading at 1.2472 from around 1.2457 ahead of the release of the data, while GBP/USD was at 1.5711 from 1.5700 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 87.98, compared to 88.03 ahead of the report.

Meanwhile, U.S. stock markets were mildly higher after the open. The Dow 30 advanced 0.1%, the S&P 500 tacked on 0.1%, while the Nasdaq 100 rose 0.25%.

Elsewhere, in the commodities market, gold futures traded at $1,200.10 a troy ounce, compared to $1,198.70 ahead of the data, while crude oil traded at $76.43 a barrel from $76.41 earlier.

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