US stats: fiscal cliff forgotten, consumer confidence at 5-year high, Euro plunges today

U.S. consumer confidence rose in May, standing at 76.2 against an expected figure of 71 and a previous figure of 69 (revised upward from 68.1).

This is the highest since January 2008 and is above the peaks recorded late last year after falling earlier this year below 60.

Consumers are more optimistic about the 6-month economic outlook, with the sub-index rising to 82.4 against 74.3 previously, the highest in seven months.

The sub-index for the current economic situation is also up at 66.7 versus 61 in April.

The confidence that was lost due to the fiscal cliff in the beginning of the year seems to have resurfaced, thereby enabling the dollar to strengthen itself in the forex markets.

The EUR/USD broke through the 1.29 level, a threshold which acted as resistance this morning.