fxs_header_sponsor_anchor

News

US: UoM Consumer Sentiment Index declines to 70.3 (final) in August from 81.2

  • UoM Consumer Sentiment Index in US dropped in August.
  • US Dollar Index stays in the negative territory around 92.70.

Consumer confidence in the US deteriorated sharply in August with the University of Michigan's Consumer Sentiment Index dropping to 70.3 in August (final) from 81.2 in July. This reading missed the market expectation of 70.7.

Further details of the publication revealed that the Current Economic Conditions Index declined to 78.5 from 84.5 and the Consumer Expectations Index dropped to 65.1 from 79. 

Commenting on the data, "personal financial prospects continued to worsen due to smaller income gains amid higher inflationary trends," said Surveys of Consumers chief economist Richard Curtin. "Consumers' extreme reactions were due to the surging Delta variant, higher inflation, slower wage growth, and smaller declines in unemployment."

Market reaction 

The greenback showed no reaction to this data as investors keep a close eye on FOMC Chairman Jerome Powell's speech at the Jackson Hole Symposium. As of writing, the US Dollar Index was down 0.4% on the day at 92.68.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.