Data released by the University of Michigan moments ago showed that the US Consumer Confidence Index for February rose 1.7% to 57.3 points, compared to a revised 56.4 in January. This exceeded expectations, which had anticipated a rise to 55 points.

Specifically, the index measuring current economic conditions rose 5.2% to 58.3 points, while the expectations index fell to 56.6. Inflation expectations for the coming year also declined, from 4.0% to 3.5%.