Investing.com - U.S. consumer confidence improved more than expected in March to reapproach the highest level since 2007, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 101.3 this month from a reading of 98.8 in February, whose figure was revised from a previously reported 96.4. Analysts expected the index to decline to 96.0 in March.
The Expectations Index increased from 90.0 last month to 96.0 in March. The Present Situation Index, however, decreased from 112.1 in February to 109.1.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “This month’s increase was driven by an improved short-term outlook for both employment and income prospects; consumers were less upbeat about business conditions."
She added that, "Consumers’ assessment of current conditions declined for the second consecutive month, suggesting that growth may have softened in Q1, and doesn’t appear to be gaining any significant momentum heading into the spring months."
EUR/USD was trading at 1.0731 from around 1.0745 ahead of the release of the data, GBP/USD was at 1.4784 from 1.4792, while USD/JPY was at 120.03 from 119.97 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 98.88, compared to 98.74 ahead of the report.
Meanwhile, U.S. stock markets came off the lows. The Dow 30 shed 0.5%, the S&P 500 dipped 0.4%, while the Nasdaq Composite slumped 0.4%.
Elsewhere, in the commodities market, gold futures traded at $1,186.50 a troy ounce, compared to $1,186.90 ahead of the data, while crude oil traded at $48.06 a barrel from $48.03 earlier.