Investing.com –U.S. consumer sentiment unexpectedly fell in October, hitting more than a one-year low and underlining concern over the wider economy, according to a report published on Friday.
The preliminary publication of the data for October from the University of Michigan's Consumer Survey Center showed that consumer sentiment unexpectedly declined to 87.9 from 91.2 in September. That was its lowest reading since September 2015.
Analysts had forecast an increase to 91.9.
The current conditions indicator increased to 105.5 in October from the prior month’s reading of 104.2.
Analysts had expected it to advance to 104.7.
Meanwhile consumer expectations unexpectedly dropped to 76.6 in October.
Economists had expected no change to the prior month’s reading of 82.7.
Inflation expectations for the next 12 months remained stable at 2.4%, while the five-year gauge to 2.4%, from the prior 2.6%.
Immediately after the report, which was released simultaneously with August business inventories, EUR/USD was trading at 1.1022 from around 1.1012 ahead of the release of the data, GBP/USD was at 1.2212 from 1.2208 earlier, while USD/JPY was at 104.23 from 104.31 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 97.78, compared to 97.86 ahead of the report.
Meanwhile, U.S. stocks traded higher. The Dow Jones gained 134 points, or 0.75%, while the S&P 500 traded up 15 points, or 0.68%, and the tech-heavy Nasdaq Composite advanced 38 points, or 0.72%.
Elsewhere, in the commodities market, gold futures traded at $1,256.50 a troy ounce, compared to $1,253.25 ahead of the data, while crude oil traded at $50.45 a barrel from $50.44 earlier.