Investing.com –U.S. consumer sentiment dropped less than expected in June, though the expectations gauge showed that consumers were more pessimistic than forecast, according to a report published on Friday.
The preliminary publication of the data for June from the University of Michigan's Consumer Survey Center showed that consumer sentiment fell to 94.3, from May’s reading of 94.7.
Analysts had forecast an increase in the reading to only 94.0.
The current conditions indicator unexpectedly rose to 111.7 in June, compared to expectations of 108.8 and the previous month’s reading of 109.9.
Meanwhile consumer expectations moved lower to 83.2 in June, compared to the estimate of 83.8 and the previous month’s reading of 84.9.
Inflation expectations for the next 12 months remained unchanged at 2.4%, while the five-year gauge decreased to 2.30%, from the prior 2.50%.
After the report, EUR/USD was trading at 1.1296 from around 1.1285 ahead of the release of the data, GBP/USD was at 1.4335 from 1.4343 earlier, while USD/JPY was at 106.77 from 106.85 prior to the publication.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.27, compared to 94.34 ahead of the report.
Meanwhile, U.S. stocks traded lower. The Dow Jones tumbled 143 points, or 0.80%, while the S&P 500 traded down 18 points, or 0.85%, and the tech-heavy NASDAQ Composite lost 54 points, or 1.10%.
Elsewhere, in the commodities market, gold futures traded at $1,279.85 a troy ounce, compared to $1,277.75 ahead of the data, while crude oil traded at $49.73 a barrel from $49.74 earlier.