Investing.com - U.S. consumer confidence rose significantly more-than-expected in February, hitting a three-month high, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 69.6 in February from a reading of 58.4 in January, whose figure was revised down from 58.6.
Analysts had expected the index to rise to 61.0 in February.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer Confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated.”
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.3% to trade at 1.3103.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.8%, the S&P 500 index advanced 0.65%, while the Nasdaq Composite index eased up 0.5%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 69.6 in February from a reading of 58.4 in January, whose figure was revised down from 58.6.
Analysts had expected the index to rise to 61.0 in February.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer Confidence rebounded in February as the shock effect caused by the fiscal cliff uncertainty and payroll tax cuts appears to have abated.”
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.3% to trade at 1.3103.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.8%, the S&P 500 index advanced 0.65%, while the Nasdaq Composite index eased up 0.5%.