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Investing.com - U.S. consumer sentiment unexpectedly increased in April, 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 97.7 from 97.0 in the previous month.
Analysts had forecast the reading to remain unchanged.
The current conditions indicator remained unchanged in April as expected at 112.7.
Additionally, consumer expectations unexpectedly increased to 88.1 in April, from the prior reading of 87.0.
Economists had expected no change.
Meanwhile, inflation expectations for the next 12 months rose to 2.6%, from the prior 2.5%, although the five-year gauge decreased to 2.3%, from the prior 2.4%.
After the report, which was released simultaneously with March business inventories, EUR/USD was trading at 1.0917 from around 1.0914 ahead of the release of the data, GBP/USD was at 1.2883, compared to 1.2885 previously, while USD/JPY was at 113.39 from 113.42 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 99.16, compared to 99.17 ahead of the report.
Meanwhile, U.S. stocks traded slightly lower after the open. The Dow Jones dropped 30 points, or 0.15%, while the S&P 500 lost 4 points, or 0.19%, while the tech-heavy Nasdaq Composite slipped 4 points, or 0.06%.
Elsewhere, in the commodities market, gold futures traded at $1,230.44 a troy ounce, compared to $1,230.09 ahead of the data, while crude oil traded at $47.79, compared to $47.88 prior to the release.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
