Current Economic Conditions decreased from 65.9 in June to 64.1 in July, while Index of Consumer Expectations declined from 69.6 to 67.2.
Year-ahead inflation expectations declined to 2.9%. Long-run inflation expectations decreased from 3.0% to 2.9%. Inflation expectations remain elevated compared to pre-pandemic levels.
The University of Michigan commented: “With the upcoming election, consumers perceived substantial uncertainty in the trajectory of the economy, though there is little evidence that the first presidential debate altered their economic views.”
U.S. Dollar Index tested new lows after the release of the weaker-than-expected Michigan Consumer Sentiment report. Currently, U.S. Dollar Index is trying to settle below the 104.10 level.
Gold continued to rebound from session lows and made an attempt to settle above the $2410 level….
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