US Consumer Confidence at a 5 Year Low
April 29 2008
The U.S. consumer confidence index fell to 62.3 in April , the lowest level since March 2003 and marking the 4th straight decline. A shrinking job market, record gas prices and falling home values contributed to the latest decline in consumer confidence. Immediately following the data release the U.S. dollar managed to rally 0.3% against the Canadian dollar as the release was slightly better than the market had forecast ( 62.0 ) . Despite the initial optimism, the U.S. dollar was unable to hold on to its gains.