US: UoM Consumer Sentiment Index declines to 80.8 in July vs. 86.5 expected

• Consumer confidence in the US weakened in July.
• US Dollar Index clings to daily gains around 92.70.

The Consumer Sentiment Index in the US declined to 80.8 (preliminary) in July from 85.5 in June, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading missed the market expectation of 86.5.

Further details of the publication revealed that the Current Economic Conditions Index declined to 84.5 from 88.6 and the Consumer Expectations Index edged lower to 78.4 from 83.5. Finally, the 1-year Inflation Outlook jumped to 4.8%, the highest since August 2008, from 4.2%.

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.15% on the day at 92.70.