Flash data from University of Michigan for July was released today at 3:00 pm BST. Report was expected to show a small improvement in the headline Consumer Sentiment index, driven by small improvement in Current Conditions subindex. Expectations subindex was expected to move lower, compared to June release.
Actual data turned out to be a disappointment - headline Consumer Sentiment index unexpectedly dropped to 66.0, driven by declines in both Current Conditions and Expectations subindices. Short- and long-term inflation expectations declined to 2.9%. While such a drop was expected in case of short-term expectations, drop in long-term expectations came as a surprise.
USD moved slightly lower following the release, while US indices gained. However, scale of those moves was very small.
University of Michigan flash data for July
- Consumer Sentiment: 66.0 vs 68.5 expected (68.2 previously)
- Current Conditions: 64.1 vs 66.0 expected (65.9 previously)
- Expectations: 67.2 vs 69.3 expected (69.6 previously)
- 1-year inflation expectations: 2.9% vs 2.9% expected (3.0% previously)
- 5-10 year inflation expectations: 2.9% vs 3.0% expected (3.0% previously)
EURUSD ticked higher after disappointing University of Michigan data. Source: xStation5
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