Investing.com - U.S. consumer confidence improved significantly in January, hitting 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 improved to 102.9 this month from a reading of 93.1 in December, whose figure was revised up from a previously reported 92.6.
Analysts expected the index to increase to 95.1 in January.
The Present Situation Index rose to 112.6 from 99.9, while the Expectations Index increased to 96.4 from 88.5 in December.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “A more positive assessment of current business and labor market conditions contributed to the improvement in consumers’ view of the present situation."
EUR/USD was trading at 1.1363 from around 1.1373 ahead of the release of the data, while GBP/USD was at 1.5176 from 1.5179, while USD/JPY was at 117.58 from 117.41 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.36, compared to 94.29 ahead of the report.
Meanwhile, U.S. stock markets were down sharply after the open. The Dow 30 lost 1.7%, the S&P 500 dropped 1.3%, while the Nasdaq 100 slumped 1.65%.
Elsewhere, in the commodities market, gold futures traded at $1,290.80 a troy ounce, compared to $1,291.20 ahead of the data, while crude oil traded at $45.45 a barrel from $45.42 earlier.