BREAKING: Michigan Consumer Sentiment rebounds from record low

The University of Michigan consumer sentiment for the US rose to 51.10 in July from record low of 50.0 in June, above market forecasts of 49.8, preliminary estimates showed. 

"Consumers remained in agreement over the deleterious effect of prices on their personal finances. The share of consumers blaming inflation for eroding their living standards continued its rise to 49%, matching the all-time high reached during the Great Recession. These negative views endured in the face of the recent moderation in gas prices at the pump", according to the University of Michigan.

Further details of the publication:

• Inflation Expectations decreased to 5.20% in July from 5.30% in June.
• 5 Year Inflation Expectations increased to 3.10% in June from 3% in May 
• Consumer Expectations decreased to 47.30 points in July from 47.50 points in June
• Current Economic Conditions increased to 57.10 points in July from 53.80 points in June

EURUSD strenghtened slightly after UoM data and is approaching local resistance at 1.0075. Source: xStation5