A survey of consumer confidence in the US jumped more than expected in April, the second positive report from the consumer sector today. The University of Michigan said its consumer sentiment index rose to 83.2 in the preliminary reading for April from 77.6 in March. The March reading was the lowest since August 1993 and the increase in April was the largest in more than three years. A final reading of the survey is due to be published on 25 April.
Analysts had expected the closely watched index to rise to just 78.4, but Geraldine Concagh at AIB Treasury said this morning that that the sentiment data had "some scope to deliver an upward surprise" given that the survey was compiled after good news from the Iraq war started flowing in. Earlier this afternoon, the Commerce Department reported that retail sales surged 2.1pc in March from February, when there was a slump in sales due to storms that kept many shoppers away from the malls. Deespit the increase in the Michigan index, the dollar's upward momentum against the euro has stalled. At 1530, the euro was trading at USD1.0740 against the greenback, having dropped as low as USD1.0700 following the retail report. //www.fxcentre.com