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Dollar Falls on Lowest Consumer Sentiment in 28 Years

Posted on May 16, 2008

The lowest confidence among American consumers in nearly 28 yearscaused the US dollar to fall sharply Friday against major currencies. The Reuters/University of Michigan preliminary index of consumersentiment fell to 59.5 in May, the lowest level since June 1980, from62.6 in April. The May estimate was worse than the reading of 62expected. When you compare this to last year s average reading of 85.6,you ll realize how downbeat US consumers are feeling right now. ...

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currencies , us dollar