US: UoM Consumer Sentiment Index declines to 81.2 (final) in July from 85.5
- Consumer confidence in the US weakened in July.
- US Dollar Index clings to modest daily gains near 92.00.
The Consumer Sentiment Index in the US declined to 81.2 (final) in July from 85.5 in June, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading missed the market expectation and the flash estimate of 80.8.
Further details of the publication revealed that the Current Economic Conditions Index declined to 84.5 from 88.6 and the Consumer Expectations Index edged lower to 79 from 83.5. Finally, the 1-year Inflation Outlook jumped to 4.7% from 4.2%.
Commenting on the data, "the largest monthly declines remained concentrated in the outlook for the national economy and complaints about high prices for homes, vehicles, and household durables, said Richard Curtin, Surveys of Consumers chief economist. "While most consumers still expect inflation to be transitory, there is growing evidence that an inflation storm is likely to develop on the not too distant horizon."
Market reaction
These comments don't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was up 0.12% on the day at 91.99.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
