- The UOM consumer confidence index rose slightly in early July.
- The US dollar index is moving lower towards 108.00.
The University of Michigan Consumer Confidence Index it improved slightly in early July to 51.5 in July’s flash estimate, up from 50 in June. This data was slightly better than market expectations of 49.9.
As a negative tone, the Consumer Expectations Index fell to its lowest level since May 1980, standing at 47.3.
“Median inflation expectations one year ahead stood at 5.2%, little changed from the last five months,” the publication revealed. “The median of long-term expectations fell to 2.8%, just below the 2.9-3.1% range seen in the previous 11 months.”
market reaction
Pressured by falling long-term inflation expectations, the US dollar index was down and lost 0.5% on the day, trading at 108.12.
Source: Fx Street
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