US: UoM Consumer Sentiment Index drops to 72.5 (final) in July vs. 73 expected
- Consumer confidence in US continued to deteriorate in July.
- US Dollar Index clings to modest recovery gains above 93.00.
The University of Michigan's Survey of Consumers revealed that the Index of Consumer Sentiment worsened to 72.5 (final) in July from 78.1 in June. This reading came in lower than the previous estimate of 73.2 and missed the market expectation of 73.
Further details of the publication revealed that the Current Economic Conditions Index dropped to 82.8 from 87.1 and the Index of Consumer Expectations edged lower to 65.9 from 72.3.
Commenting on the data, "consumer sentiment sank further in late July due to the continued resurgence of the coronavirus," said Surveys of Consumers chief economist, Richard Curtin. "The federal relief programs have prevented more substantial declines in consumer finances, partially shielding consumers from the unprecedented surge in job losses, reduced work hours, and salary cuts."
Market reaction
The US Dollar Index retreated slightly from session highs after this data and was last seen gaining 0.13% on the day at 93.09.
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.
