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Flash: Data suggests strong summer travel ahead for the US - Nomura

FXstreet.com (Barcelona) - Nomura economists Ellen Zentner and Roiana Reid believe that summer travel plans for US families are shaping up nicely, according to HotelNewsNow.com.

Looking at their data source, they note that advanced bookings for summer travel are up “dramatically” compared with last year. Further, consumer confidence is also up sharply over last year. They write, “ Average reading of the consumer sentiment and consumer confidence indices increased to 80.0 in May compared with 71.9 in May 2012.” Additionally, they see that rising confidence suggests US consumers are more upbeat about their finances, which has emboldened them to plan in advance.

They add that the Memorial Day holiday marked the traditional start to the summer driving season, and gasoline prices appear likely to hold at lower levels this summer compared to summer 2012. They right, “According to the Energy Information Administration (EIA), the price for a gallon of regular grade gasoline in the US averaged $3.61 in May, less than the $3.73 average one year ago. Moreover, Brent crude futures suggest the level of gasoline prices is likely to decline in the weeks ahead as gasoline prices in the US tend to track Brent crude prices.”

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