Investing.com - U.S. consumer confidence improved more than expected in May, easing concerns over the health of the economy, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 95.4 this month from a reading of 94.3 in April, whose figure was revised from a previously reported 95.2. Analysts expected the index to ease up to 94.9 in May.
The Present Situation Index increased from 105.1 last month to 108.1 in May. The Expectations Index edged down to 86.9 from 87.1 in April.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “After a three-month slide, the Present Situation Index increased, propelled by a more positive assessment of the labor market."
"While current conditions in the second quarter appear to be improving, consumers still remain cautious about the short-term outlook," she added.
EUR/USD was trading at 1.0905 from around 1.0913 ahead of the release of the data, GBP/USD was at 1.5368 from 1.5375 earlier, while USD/JPY was at 123.22 from 123.11 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.26, compared to 97.16 ahead of the report.
Meanwhile, U.S. stock markets were lower after the open. The Dow 30 shed 0.7%, the S&P 500 dipped 0.65%, while the Nasdaq Composite slumped 0.8%.
Elsewhere, in the commodities market, gold futures traded at $1,186.90 a troy ounce, compared to $1,188.20 ahead of the data, while crude oil traded at $58.62 a barrel from $58.81 earlier.