BREAKING: US weakens after upbeat UoM consumer sentiment data

4:08 PM 13 January 2023

The University of Michigan consumer sentiment for the US rose to 64.6 in January from 59.7 in December, well above market forecasts of 60.4, preliminary estimates showed. It is the highest reading since April.

Current conditions were assessed more positively (68.6 vs 59.4) and the expectations gauge also improved to 62 from 59.9. Year-ahead inflation expectations receded for the fourth straight month, falling to 4.0% in January from 4.4% in December, the lowest since April 2021. Long-run inflation expectations were little changed from December at 3.0%, again staying within the narrow 2.9-3.1% range for 17 of the last 18 months.

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The one-year inflation expectations recorded a sharp decline to the lowest level since April 2021, while the 5-year expectations returned back to where it was for months. Source: Bloomberg via ZeroHedge

EURUSD pair once again returned above 1.0800 level. Source: xStation5

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