Investing.com – U.S. consumer sentiment rose more than expected in March, bolstering optimism over the American economy, according to a report published on Friday.
The preliminary publication of the data for March from the University of Michigan's Consumer Survey Center showed that consumer sentiment rose to 97.6 from 95.7 in the previous month.
Analysts had forecast an increase to only 97.0.
The current conditions indicator unexpectedly increased to 114.5 in March from the prior month’s reading of 111.3.
Analysts had expected it to slip to 111.0.
Additionally, consumer expectations unexpectedly increased to 86.7 in March, from the prior reading of 85.7.
Economists had expected it to decline to 85.5.
Meanwhile, inflation expectations for the next 12 months fell to 2.4%, from the prior 2.8%, while the five-year gauge decreased to 2.2%, from the prior 2.5%.
After the report, which was released simultaneously with the Fed labor market conditions index, EUR/USD was trading at 1.0752 from around 1.0744 ahead of the release of the data, GBP/USD was at 1.2371 from 1.2367 earlier, while USD/JPY was at 112.90 from 113.08 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.06, compared to 100.14 ahead of the report.
Meanwhile, U.S. stocks traded flat. The Dow Jones gained 12 points, or 0.06%, while the S&P 500 inched up less than a point, or 0.01%, and the tech-heavy NASDAQ Composite edged forward 1 point, or 0.01%.
Elsewhere, in the commodities market, gold futures traded at $1,231.35 a troy ounce, compared to $1,229.75 ahead of the data, while crude oil was at $48.93 compared to $49.02 earlier.