UoM Consumer Confidence Index declines to 71.2 in August vs 71 expected

• UoM Consumer Confidence Index declined slightly in August.
• US Dollar Index clings to modest daily gains above 102.60.

Consumer sentiment in the US weakened slightly in August, with the University of Michigan’s (UoM) Consumer Confidence Index declining to 71.2 from 71.6 in July. This reading came in better than the market expectation of 71.

Further details of the publication revealed that the Current Conditions Index rose to 77.4 from 76.6 and the Expectations Index retreated to 67.3 from 68.3.

The one-year inflation outlook edged lower to 3.3% from 3.4%, while the 5-year inflation outlook ticked down to 2.9% from 3%. 

Market reaction

The US Dollar Index stays in positive territory above 102.60 after this report.