BREAKING: Michigan Consumer Sentiment below forecasts, USD moves lower

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:

• Michigan Current Conditions: 77.9 (previously: 84.5)

• 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. 

• 1-Year Inflation Outlook: 4.6% (previously: 4.7%)

• 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