More worries about the US consumer: the UoM consumer sentiment dropped sharply to 88.6 points. Expectations fell to 81.5 points and conditions to 99.8 points. The publication implies that consumption will remain low also in May, after a weak April.
The US dollar is lower, with EUR/USD up to 1.1375.
The University of Michigan / Reuters consumer sentiment measure was expected to stand at 95.8 points in the preliminary read for May, similar to 95.9 points in the final print for April.
The US dollar tried to recover before the publication, but with little success. Earlier, the Empire State Manufacturing Index disappointed with only 3.09 points. In addition, industrial output fell 0.3%, worse than expected, but at least it came from higher ground thanks to upwards revisions.
Here is the preview: trading the US consumer sentiment with EUR/USD
Consumer sentiment is supposed to provide an indication on spending, but the actual retail sales figure is not always fully correlated with sentiment.
In our latest podcast, we ask: USD: Glass half full or half empty? And also discuss other topics:
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