UoM Consumer Confidence Index revised to 69.5 in August down from 71.2

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• UoM Consumer Confidence Index declined in August from 71 to 69.5.
• The Index fell 2.9% in August, up 19.4% from a year ago. 
• US Dollar Index hovers around 104.00, around monthly highs. 

Consumer sentiment in the US weakened in August, with the University of Michigan’s (UoM) Consumer Confidence Index declining to 69.5 from 71.6 in July. The reading was revised from the preliminary 71.2.

Further details of the publication revealed that the Current Conditions Index declined to 75.7 (revised from 77.4) from 76.6 and the Expectations Index retreated to 65.5 (revised from 67.3) from 68.3.

The one-year inflation outlook increased to 3.5% from 3.4%, while the 5-year inflation outlook stayed at 3%. 

Market reaction

Traders are awaiting Federal Reserve (Fed) Chair Jerome Powell’s speech. The US Dollar Index is flat for the day, hovering around 104.00, near monthly highs.