US consumer confidence hits 12-year low, currencies decline

US consumer confidence has fallen for four straight months, reaching its lowest point since January 2021. The current measure of future expectations is now at its lowest level in 12 years. Many are choosing to overlook this decline due to ongoing political uncertainty. As the April 2 deadline for new tariffs approaches, concerns grow about economic impacts. Canada, targeted by these tariffs, is seen as a barometer of US and global economic health. Following the consumer confidence news, the value of the US dollar rose against the Canadian dollar. Other currencies like the Australian and New Zealand dollars also saw declines against the US dollar. The euro and British pound lost most of their earlier gains, while the exchange rate for the Japanese yen fell nearly a full cent against the dollar. The market is reacting strongly to the uncertainty surrounding future economic conditions.