US Dollar (DXY) Price and Chart Analysis
- Michigan consumer confidence 64.6 vs. expectations of 60.5.
- Year ahead inflation expectations fall for the fourth straight month.
The latest Michigan Consumer Sentiment report showed consumer sentiment remaining low, from a historical basis, but beating market expectations by a margin. Year-ahead inflation expectations fell to 4% from 4.4% while the five-year reading nudged a touch higher to 3% from 2.9% in December. The one-year reading is the lowest since April 2021. According to the University of Michigan, ‘Uncertainty over both inflation expectations measures remains high, and changes in global factors in the months ahead may generate a reversal in recent improvements’.
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The US dollar barely moved on the release, despite the beat and the positive inflation sentiment. The greenback has been under heavy pressure this week and it looks as though traders may be taking a step back ahead of the weekend.
US Dollar (DXY) Daily Price Chart – January 13, 2023
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