UoM Consumer Sentiment Index Rises Above Expectations

The preliminary estimate of the University of Michigan’s (UoM) Consumer Sentiment Index for April rose to 65.7 from 59.4 last month, above the expected reading of 59.0, data released on Thursday showed.

The Consumer Expectations Index was also significantly stronger than expected at 64.1 versus forecasts for a reading of 54.2 and up from last month’s 54.3 reading, while the Current Conditions Index came in at 68.1 a tad above the expected 68.0 and up from last month’s 67.2 reading.

1-year inflation expectations were 5.4%, unchanged from last month, while 5-year inflation expectations were at 3.0%, also unchanged versus the previous month.

The stronger than expected UoM survey data didn’t have much of an impact on the US dollar, with the DXY recently rallying to fresh year-to-date highs above 100.50 amid post-dovish ECB euro weakness.