University of Michigan has just released its flash data for August. The headline Michigan Consumer Sentiment came in at 70.2 against expected 81.2 (previously 81.2) - a huge miss as the index plunged to lowest levels since 2011.
Other subindices disappointed as well:
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Michigan Current Conditions: 77.9 (previously: 84.5)
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Michigan Consumer Expectations: 65.2 (previously: 79.0)
UoM’s inflation expectations were in the spotlight as well. Here the data turned out to be rather mixed.
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1-Year Inflation Outlook: 4.6% (previously: 4.7%)
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5-Year Inflation Outlook: 3.0% (previously: 2.8%)
The US dollar ticks slightly lower, gold prices jumped towards $1,770 an ounce. Major US indices retreated from record highs, but the scale of the move is rather limited.
EURUSD, H4 interval. Source: xStation5
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