US: UoM Consumer Confidence Index slumps to 92.1 in August vs. 97.2 expected
|- Consumer confidence deteriorates sharply in US in August.
- US Dollar Index ignores disappointing data, stays above 98.
The preliminary results of the University of Michigan's Consumer Confidence Survey showed that the Index of Consumer Sentiment in August dropped to 92.1 from 98.4 in July and missed the market expectation of 97.2.
Despite the uninspiring reading, however, the US Dollar Index stays in the upper half of this week's range, adding 0.15% on the day at 98.30.
"Consumer sentiment declined in early August to its lowest level since the start of the year. The early August losses spanned all Index components," said Surveys of Consumers chief economist, Richard Curtin.
"Although the Expectations Index recorded more than twice the decline in August as the Current Conditions Index (-8.2 versus -3.3), the Current Conditions Index fell to its lowest level since late 2016. Monetary and trade policies have heightened consumer uncertainty—but not pessimism—about their future financial prospects. "
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