UOM Consumer Sentiment Touches Record Low

The University of Michigan’s Consumer Sentiment Index declined to 50 in June’s final reading from 50.2 in the flash estimate. This marked the lowest print on record.

Further details of the survey revealed that the Current Conditions Index dropped to 53.8 in June from 63.3 in May and the Consumer Expectations Index fell to 47.5 from 55.2. The five-year inflation expectations got revised lower to 3.1% from the preliminary estimate of 3.3%.

The US dollar is still under pressure after this data and the US Dollar Index was last seen losing 0.3% on the day at 104.08.