Investing.com – U.S. consumer sentiment unexpectedly slipped in January, but remained near a 12-year high, according to a report published on Friday.
The preliminary publication of the data for January from the University of Michigan's Consumer Survey Center showed that consumer sentiment dropped to 98.1 from 98.2 in the previous month.
Analysts had forecast an increase to 98.5. December’s reading had been the highest since January 2004.
The current conditions indicator increased to 112.5 in January from the prior month’s reading of 111.9.
Analysts had expected it to slip to 111.5.
Additionally, consumer expectations fell to 88.9 in January, from the prior reading of 89.5.
Economists had expected it to increase to 90.2.
Meanwhile, inflation expectations for the next 12 months rose to 2.6%, from the prior 2.3%, while the five-year gauge increased to 2.5%, from the prior 2.2%.
Immediately after the report, which was released simultaneously with November business inventories, EUR/USD was trading at 1.0604 from around 1.0608 ahead of the release of the data, GBP/USD was at 1.2126 from 1.2130 earlier, while USD/JPY was at 115.28 from 115.34 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 101.62, compared to 101.61 ahead of the report.
Meanwhile, U.S. stocks traded higher. The Dow Jones gained 34 points, or 0.17%, while the S&P 500 traded up 7 points, or 0.30%, and the tech-heavy NASDAQ Composite rose 25 points, or 0.44%.
Elsewhere, in the commodities market, gold futures traded at $1,190.25 a troy ounce, compared to $1,188.15 ahead of the data, while crude oil traded at $52.88 a barrel from $52.92 earlier.