US UoM Consumer Sentiment Index improves to 61.8 in July vs. 61.5 expected
- UoM Consumer Sentiment Index rose more than expected in July's flash estimate.
- US Dollar Index extends its daily slide toward 98.00.
Consumer confidence in the United States (US) improved in July, with the University of Michigan's (UoM) preliminary Consumer Sentiment Index rising to 61.8 from 60.7 in June. This reading came in better than the market expectation of 61.5.
The Current Conditions Index rose to 66.8 from 64.8 in this period, while the Consumer Expectations Index edged higher to 58.6 from 58.1.
Other details of the survey showed that the 1-year Consumer Inflation Expectations declined to 4.4% from 5% in June and the 5-year Consumer Inflation Expectations fell to 3.6% from 4%.
Market reaction
The US Dollar (USD) stays under bearish pressure following this report. At the time of press, the USD Index was down nearly 0.5% on the day at 98.15.
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.
