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US: UoM Consumer Confidence Index drops to 97.9 in June (preliminary) vs. 98 expected

The University of Michigan’s Consumer Confidence Index fell to 97.9 in June’s preliminary reading from 100 in May and came in slightly worse than the market expectation of 98. The US Dollar Index, which tracks the dollar’s value against a basket of six major currencies, didn’t pay attention to the data and was last seen adding 0.25% on the day at 97.27.

“In early June, consumer sentiment reversed the May gain due to tariffs as well as slowing gains in employment,” said Richard Curtin, Surveys of Consumers chief economist. ”Some of the decline was due to expected tariffs on Mexican imports, which may be reversed in late June, but most of the concern was with the 25% tariffs on nearly half of all Chinese imports.”

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