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US Dollar Higher Even After Weak Consumer Confidence Data

The Conference Board Consumer Confidence Index fell moderately in February following an increase in January. The decline in index was mainly driven by the Expectations Index which dropped to 75.7 from 80.8. The Consumer Confidence Index is currently at 78.1 down from 79.4 in January. However the present situation Index climbed from 77.3 to 81.7. Although the short term outlook for business conditions, jobs and earnings remain the basis of concern, the current conditions have continued to trend upward and the Present Situation Index is now at its highest level since April 2008. Seems like consumers believe that economy has improved but they do not expect it gaining considerable momentum in the months ahead. Dollar Index which gauges the strength of Dollar against its major counterparts went significantly higher after the report.