Michigan Consumer Sentiment Drops To 66.4, Exceeding Analyst Expectations

Current Economic Conditions decreased from 65.9 in June to 62.7 in July, while Index of Consumer Expectations declined from 69.6 to 68.8.

Year-ahead inflation expectations declined to 2.9%, within the range seen in the two years prior to the pandemic. Long-run inflation expectations were unchanged at 3.0%.

U.S. Dollar Index  settled near the 104.25 level after the release of Michigan Consumer Sentiment report. Treasury yields are moving lower, which is bearish for the American currency.

Gold  tested session highs near the $2390 level as traders focused on U.S. dollar’s pullback and falling Treasury yields. It remains to be seen whether Consumer Sentiment data will have a material impact on gold markets, which have been volatile in recent trading sessions.

SP500  settled near the 5450 level as traders reacted to the better-than-expected Consumer Sentiment data. From a big picture point of view, traders are buying stocks after the strong pullback from historic highs.

For a look at all of today’s economic events, check out our economic calendar.

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