Investing.com - U.S. consumer confidence unexpectedly increased in February, bolstering optimism over the outlook for the consumption-driven economy, industry data showed on Tuesday.
In a report, the Conference Board, a market research group, said its index of consumer confidence increased to 114.8 this month from a reading of 111.6 (revised from an initial 111.8) in January.
Analysts had expected the index to decrease to 111.0 in February.
The Present Situation Index rose from 130.0 to 133.4 and the Expectations Index increased from 99.3 last month to 102.4.
““Consumer confidence increased in February and remains at a 15-year high (July 2001, 116.3),” Lynn Franco, Director of Economic Indicators at The Conference Board, said.
Franco indicated that consumers rated current business and labor market conditions more favorably this month than in January.
"Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects," Franco said.
"Overall, consumers expect the economy to continue expanding in the months ahead,” she concluded.
After the report, EUR/USD was trading at 1.0616 from around 1.0602 ahead of the publication; GBP/USD was at 1.2456 from 1.2438 earlier; while USD/JPY was at 111.98 from 112.10 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, traded at 100.86 compared to 100.98 prior to the release.
Meanwhile, U.S. stock markets were lower after the open. The Dow 30 lost 0.06%, the S&P 500 fell 0.13%, while the Nasdaq Composite traded down 0.30%.
Elsewhere, in the commodities market, gold futures traded at $1,258.35 a troy ounce, compared to $1,256.85 ahead of the data, while crude oil traded at $53.55 a barrel from $53.50 earlier.