UoM Consumer Confidence Index improves to 72.6 in July vs. 65.5 expected

• UoM Consumer Confidence Index rose more than expected in July.
• US Dollar Index clings to modest recovery gains at around 100.00.

Consumer sentiment in the US continued to improve in early July, with the University of Michigan’s (UoM) Consumer Confidence Index rising to 72.6 from 64.4 in June. This reading came in better than the market expectation of 65.5.

Further details of the publication revealed that the Current Conditions Index rose to 77.5 from 69.0 and the Expectations Index climbed to 69.4 from 61.5.

The one-year inflation outlook edged higher to 3.4% from 3.3% while the 5-year inflation outlook ticked up to 3.1% from 3%. 

Market reaction

The US Dollar Index extended its daily recovery after the data and was last seen rising 0.23% on the day at 100.00.