- Consumer confidence in the United States weakened in July.
- The US Dollar Index is holding on to modest daily gains near 92.00.
The Consumer Sentiment Index in the US. it fell to 81.2 (final) in July from 85.5 in June, the latest Consumer Surveys from the University of Michigan showed on Friday. This reading beat market expectations and the flash estimate of 80.8.
Further details from the release revealed that the Current Economic Conditions Index dropped to 84.5 from 88.6 and the Consumer Expectations Index dropped to 79 from 83.5. Finally, the 1-year inflation outlook jumped to 4.7% from 4.2%.
Commenting on the data, “the biggest monthly declines remained concentrated in the outlook for the national economy and complaints about high prices for homes, vehicles and durable household goods,” said Richard Curtin, chief economist at Surveys of Consumers “. Although most consumers still expect inflation. to be transitory, there is mounting evidence that an inflation storm is likely to unfold on the not-too-distant horizon.
These comments do not appear to have a significant impact on the USD’s performance against its rivals. At time of writing, the US Dollar Index was up 0.12% on the day at 91.99.