US500 at new daily highs after UoM revision

Revised University of Michigan data for June was released today at 3:00 pm BST. As this was the second release for June, report was not expected to show any major deviations from preliminary readings. However, this was not the case. Headline index was revised from 65.6 to 68.2, driven by upward revisions in Current Conditions and Expectations subindices. Moreover, short- and long-term inflation expectations were revised lower to 3%.

Report is somewhat mixed - on one hand, it suggests that inflation expectations are declining and it can be seen as a dovish outcome. On the other hand, it hints at still strong sentiment among US consumers, what in turn is not so dovish.

Reaction on the markets was mixed as well - USD gained slightly, while US indices jumped to new daily highs.

University of Michigan data for June (final)

Consumer sentiment: 68.2 vs 65.6 in first release (65.6 previously)
Current Conditions: 65.9 vs 62.5 in first release (69.6 previously)
Expectations: 69.6 vs 67.6 in first release (68.8 previously)
1-year inflation expectations: 3.0% vs 3.3% in first release (3.3% previously)
5-10 year inflation expectations: 3.0% vs 3.1% in first release (3.0% previously)

US500 jumps to new daily highs after University of Michigan data revision. Source: xStation5

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