BREAKING: USD muted after dovish UoM data

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Flash report from University of Michigan for March was released today at 2:00 pm GMT. Report was expected to show headline Consumer Sentiment index staying unchanged compared to a month ago, amid an uptick in Current Conditions subindex and a downtick in Expectations subindex.

Actual report showed a small drop in headline index, driven by a drop in Expectations subindex. Inflation expectations data showed long-term expectations stay unchanged at 2.9% as expected However, short-term inflation expectations also stayed unchanged in spite of an expected uptick. Overall, the report can be see as somewhat dovish, but market reaction has been limited. USD ticked lower and, interestingly, US indices also ticked lower.

University of Michigan data for March

Consumer Sentiment: 76.5 vs 76.9 expected (76.9 previously)
Current Conditions subindex: 79.4 vs 79.7 expected (79.4 previously)
Expectations subindex: 74.6 vs 75.1 expected (75.2 previously)
1-year inflation expectations: 3.0% vs 3.1% expected (3.0% previously)
5-year inflation expectations: 2.9% vs 2.9% expected (2.9% previously)

Source: xStation5

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BREAKING: USD muted after dovish UoM data

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