The University of Michigan preliminary consumer sentiment figure for May came out at 81.8 points, short of expectations. Markets had expected a rise from 84.1 to 84.7 points. The disappointment comes after strong housing figures, and it is the last data publication of a very busy and volatile week.
Earlier, building permits for April rose to 1.08 million (annualized) and housing starts to 1.07 million, both much higher than numbers around 1 million expected.
The better than expected housing figures curb worries that rose regarding the sector. Fed Chair Yellen dedicated time to housing and recent new home sales figures came out below expectations.
Regarding consumption, the weaker consumer sentiment goes hand in hand with mediocre retail sales data. All in all, US data is not all going in one direction: there are quite a few bumps, even though the economy continues growing and more jobs are added.
The week was quite interesting in currency trading, with the euro plunging, the pound retreating from highs and the yen making a comeback. We do not have any more figures to chew on, and now the last minute moves depend on flows.
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