BREAKING: USD strengthens slightly after Michigan Consumer Sentiment data

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The University of Michigan consumer sentiment for the US fell to 59.70 in March, from 62.80 in February and well below in line with market forecasts of 61.5, preliminary estimates showed. It is the lowest reading since November of 2011 as sentiment continues to be hurt by falling inflation-adjusted incomes, recently accelerated by rising fuel prices as a result of the Russian invasion of Ukraine. The year-ahead expected inflation rate (5.4%) rose to its highest level since 1981, and expected gas prices posted their largest monthly upward surge in decades. Personal finances were expected to worsen in the year ahead by the largest proportion since the surveys started in the mid-1940s.

EURUSD fell slighlty and is testing lower limit of the triangle formation. Source:xStation5

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