US: UoM Consumer Sentiment Index improves modestly to 72.8 in August

• Consumer sentiment in the US improved modestly in July. 
• US Dollar Index stays deep in the negative territory a little above 93.00.

The Consumer Sentiment Index in the US improved slightly from 72.5 in July to 72.8 (preliminary) August, the University of Michigan's latest Surveys of Consumers showed on Friday. This reading came in better than the market expectation of 72.

Further details of the publication showed that the Current Economic Conditions Index fell to 82.5 from 82.8 and the Index of Consumer Expectations edged higher to 66.5 from 65.9.

Commenting on the survey, "the overall confidence in economic policies fell to the lowest level since Trump first entered office," noted Richard Curtin, Surveys of Consumers chief economist. "The policy gridlock has acted to increase uncertainty and heightened the need for precautionary funds to offset lapses in economic relief programs and to hedge against fears about the persistence and spread of the coronavirus as the school year gets underway."

Market reaction

The US Dollar Index paid little o no mind to this data and was last seen losing 0.17% on a daily basis at 93.08.