Highlights of the May consumer confidence report:

  • Prior was 95.2 (revised to 94.3)
  • Present situation 108.1 vs 106.8 prior (prior was revised to 105.1)
  • Expectations 86.9 vs 87.1 prior
  • Jobs hard-to-get 27.3 vs 25.9 prior
  • 1-year inflation expectations 5.1% vs 4.8% prior

Note that the May U Mich consumer sentiment was soft at 88.6 vs 95.9 expected.

USD/JPY is back higher after the data. The market was probably looking for something a bit softer from consumer confidence than economists and the new home sales numbers were solid. USD/JPY about 20 pips higher on the data; the inflation expectations data will be noted by the Fed.