U.S. University of Michigan consumer sentiment rises in March to highest level in five months

U.S. consumer sentiment rose to its highest level since October. The University of Michigan survey showed that the consumer confidence index rose to 98.4, the highest since October before the government shutdown and stock-selloff spooked consumers.

Earlier in the week, the Conference Board’s measure of consumer sentiment dropped, so this more optimistic take might suggest that the recent soft-patch in sentiment might be short-lived, noted Wells Fargo in a research report.

The forward-looking index of consumer sentiments rose to 88.8, also the highest since October. The press release noted that the rebound in March was “entirely due to households in the bottom two-thirds of the income distribution”. Sentiment of households in the top third dropped.

At 18:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bullish at 91.2037 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex